In 2023, the turnover of the company “Plastics of Thrace” amounted to €345.4 million compared to €394.4 million in 2022, also a consequence of the historically high prices of raw materials in the first months of 2022. The Group managed to maintain sales volume at the levels of 2022 (109.8 thousand tons in 2023 vs. 109.2 thousand tons in 2022), under unfavorable exogenous conditions, such as lower demand in key sectors of the economy (construction, agricultural sector) and in important markets where the Group operates (European Union, United Kingdom and USA).
Total EBITDA stood at €44.0 million, up 2.4%, compared to €43.0 million in 2022 EBITDA from the traditional product portfolio. It is noted that the 2022 EBITDA has been affected by extraordinary profits of €5.3 million, arising from the disposal of COVID-19 products, forming the total EBITDA at €48.3 million. The increase in the level of recurring profitability of 2023 clearly demonstrates the resilience of the Group to achieve stable and recurring profitability, while the maintenance of sold volumes is also a strong indication of the Group’s potential to further improve its financial performance in the future.
Regarding the Group’s liquidity levels, the Group’s net borrowing amounts to €16.3 million, including term deposits of €13.3 million. The low level of Net Debt demonstrates the Group’s strong financial position and the quality of its of its client portfolio, its ability to invest while keeping its Net Debt low, while distributing significantly higher dividends, compared to pre-pandemic levels. At the same time, from a financial point of view, the Group has the ability to take advantage of any business opportunity that may arise, for its further development and evolution.
The planned investment plan of €30 million on a cash basis has been successfully completed with the implementation of critical projects in the two main areas of activity of the Group, in its facilities both in Greece and abroad, while at the same time the first phase of the new investment in the Thrace Greenhouses has been completed , with the further expansion of the Greenhouses by 65 acres.
Commenting on the financial results, Mr. Dimitris Malamos, CEO of the Group, said: “Plastics of Thrace Group presented for another year resilient performance under volatile conditions, with further improvement of its operating profitability, maintenance of sales volume, low net debt and high investments that ensure its long-term leadership in the sectors it operates in. With sustainability and innovation organically integrated into our practices and investments continuing dynamically, the Group’s strategy continues to pay off at a steady pace the increase of value in our entire ecosystem: the employees of the Group, its customers and suppliers-partners, the investing and consumer public and society in general.”
The Management of the Plastics of Thrace Group will hold a conference call, regarding the annual update of the Analysts, regarding the financial results of 2023, on Friday, April 26, 2024. The details of the organization of the conference call will be communicated in time with a newer announcement by the Company. on her website.
