Return to profitability and increase turnover 83%

Intrakat Group resolutely continued to implement its strategic plan and achieved strong performance in all areas of activity, with a steep increase in turnover, a net profit of €3 million and an operating profit of €16 million and a multiplication of the backlog, according to financial results for 2023, published today.

Having completed its acquisition Actorwhich is incorporated in its financial results for less than two months (08/11/2023 – 31/12/2023), the Intrakat Group significantly strengthened its figures, with the consolidated turnover amounting to €412 million against €225 million in 2022, marking an increase of around 83%.

At the same time, the Group returned dynamically to operational profitability – after 2 years – with the consolidated EBIDTA to be formed at the level of €16 million, against losses of €3 million in the previous financial year. The consolidated gross profit they stood at €40m from €18m in 2022, up 122%, while profits after tax stood at €3m from losses of €24m in 2022.

At the same time, the Group achieved a new record high in backlog of projects signed and to be contracted, which almost tripled to €4.9 billion (from €1.3 billion 2022), ensuring significant construction work for the foreseeable future. The acquisition of Aktor added a backlog of €2.7 billion to the already existing Intrakat Group.

During the year 2023, the Intrakat Group succeeded in significantly improving both its capital structure as well as its liquidity. In particular, consolidated equity amounted to €162 million from €60 million in 2022, strengthened by 168%, while at the same time the Group’s net borrowing decreased by 3.4% to €123 million.

A large increase of approximately €100 million was recorded in the Group’s cash reserves, which reached €125 million compared to €25 million on 31.12.2022, while it is worth noting that the consolidated net operating cash flows also increased significantly, reaching to €77 million from €15 million in 2022. The Group’s excellent financial performance was reflected in Intrakat’s capitalization, which on 19.04.2024 stood at approximately €815.5 million, showing an increase of 210% compared to with one year before (19.04.2023).

Building the Intrakat of tomorrow

On the occasion of the publication of the financial results of 2023, the Vice-President of the Board of Directors and CEO of Intrakat Mr. Alexander Exarchou stated: “In 2023 Intrakat Group established itself as one of the leading business groups in Greece. It was a year that marked the improvement of all our financial indicators and the expansion of our market footprint. The completion of the acquisition and integration of Aktor, which confirmed our view that it would further improve our financial position, gives us the necessary size and the scale we need to grow, with an eye on the period that will begin after the end of the Recovery Fund projects and with a horizon of the beginning of the next decade”.

Mr. Exarchou continued: “We are strategically repositioning to Romania, which offers huge growth prospects and we are exploring its market to expand our sizes and go bigger. And we are turning decisively to PPPs and concessions, an area that promises recurring revenue over many years and we are already participating in over 20 related tenders. While the agreement we are implementing with her Group PPC for the joint implementation of RES investments, reduces the business risk in the volatile field of energy and at the same time increases our development prospects. We took over management of Intrakat less than two years ago we see tangible results from the implementation of our strategic planning, which aims to strengthen our Group and to make it a growth catalyst in Southeast Europe”.

New important projects

In 2023 the Intrakat Group and Aktor proceeded to sign new project contracts amounting to €1.2 billion, which include:

• “Construction of an oil storage terminal” on behalf of the company ECOMAR STORAGE SOLUTIONS FZE in the United Arab Emirates in the Fujairah area, with a budget of €352.2 million.
• “Construction works with the early participation of a contractor (ECI) for the construction of the Residential Tower in Elliniko Marina” on behalf of ELLINIKON S.A., total budget. €334 million [Κοινοπραξία Bouygues Batiment International (60%) – Intrakat (40%)]
• “Study, construction, financing, operation and maintenance of the Northern Road Axis of Crete, Section Hersonissos – Neapoli with S.D.I.T.” on behalf of IFS PASIFAI SA, total budget. €240.4 million [Κοινοπραξία Τέρνα (55%) – Άκτωρ (20%) – Intrakat (25%)].
• “Study, financing, construction, operation and maintenance of the SW Peloponnese road axis, Kalamata – Rizomylos – Pylos – Methoni section with S.D.I.T.” on behalf of IFS PYLIA ODOS S.A., with a total budget of €204.9 million. [Κοινοπραξία Άκτωρ (60%) – Intrakat (40%)].
• “Construction of a new Panathinaikos football stadium in Votanikos” on behalf of the Municipality of Athens, with a total budget of €97 million. [Κοινοπραξία Άκτωρ (30%) – Μυτιληναίος (30%) – Τέρνα (40%)].
• “Construction of an artificial barrier & associated works along the Methori E/T, in the area of ​​Psathades Didymoteicho to Kornofolia Soufliou in P.E. Evros” on behalf of the Ministry of Citizen Protection, with a total budget of €78 million. [Ένωση Τέρνα ΑΕ (65%) – Intrakat (35%)].

While To be signed very important contracts of public, private and PPP projects are found, such as among others:

• Construction, Financing, Operation and Maintenance of Student Residences of the University of Crete, with S.D.I.T., budget €195.7 million.
• Creation of student residences, educational and research facilities of the University of Thessaly, in Volos and Lamia, with a budget of €94 million.
• HELLENIKON SA – Metropolitan Park Phase 1, Beach front and public open spaces, budget €85 million.
• PPC – Construction of a FTTH network throughout the Territory (LOT 1) with a budget of €83.9 million.
• Construction of Tsiknia Dam, Lesvos Prefecture, water treatment facilities and networks, budget €82.6 million.
• Soil improvement projects of the lakeside areas of Amvrakia-Amfilochia and Valtos Phase I of Etoloakarnania Prefecture, budget €50.2 million.
• PPC SA: High Efficiency Electricity and Heat Cogeneration Unit (S.H.I.T.Y.A.) with M.E.K. natural gas 65MWth, budget €41.2 million
• HELLENIKON SA – New Sports Facilities Project [Κοινοπραξία Intrakat (50%) – ΜΥΤΙΛΗΝΑΙΟΣ (50%)]corresponding to a budget of €32.8 million.

* See the presentation in the Supporting Material column.