Germanos posts €6.3 mln net profit in 2019

Germanos posts €6.3 mln net profit in 2019

Electronics retailer Germanos improved its financial fundamentals significantly in 2019. The Cosmote subsidiary continued its increased emphasis on services and its online sales platform.

Last year, turnover increased 1.5%, to €302.1 million, of which €174.4 million came from product sales and €125.4 million from sales in services. Operational profit before financial and investment activities and asset depreciation (EBITDA) more than doubled in 2019, to €20.1 million from €8.8 million in 2018. EBIT profits, at €11.2 million, were more than five times higher those recorded in 2018 (€2.1 million).

Net profit was €6.3 million, from just €216,000 in 2018, and reflects €1.5 million earned from the sale of 100% of its stake in Germanos Telecom Bulgaria to Norway’s Telenor Mobile Communications. Total assets grew slightly, to €136.8 million, from €133.4 million in 2018.

Germanos also announced that there were more than 18 million transactions in its outlets last year and that traffic on its website increased 16.22%.

Mobile internet connections grew rapidly, 49%, at the expense of fixed-line internet, which dropped 1%, although, within that category, high-speed broadband connections (VDSL) grew 45%.

Germanos is the leading retailer in smartphones, landline phones, accessories and batteries and also strengthened its position last year in TV sales.

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