16 August 2018

Greek firms proved to be extremely resilient in crisis

09 February 18 - RE+D Magazine
Greek firms proved to be extremely resilient in crisis


IBI Group

Consultant - GREECE


Public entity - GREECE

Solum Property Solutions

Consultant - GREECE


Consultant - GREECE


Antulio Richetta

Director IBI Group
Greek enterprises showed resilience in the difficult period of 2015-2016 and despite the capital controls they tried to adjust in prevailing market conditions, improving their operation and raising their performance, a survey by ICAP showed on Friday.


ICAP analysed the financial results of 10,696 enterprises (excluding banks and insurance) with released balance sheets in the 2015-2016 period from nine sectors of activity (2,143 from manufacturing, 3,216 commercial, 964 hotels, 718 construction, 419 energy/water, 545 transport/communications and 2,691 in other services).

The analysis showed that in 2016 the Greek corporate sector slightly raised its turnover and significantly increased its profitability. Accumulated turnover grew 3.2 pct to 117.3 billion euros, with six out of nine sectors recording an increase in sales.

Construction (10.8 pct) recorded the biggest increase in turnover, followed by commerce (8.2 pct), hotels/restaurants (7.0 pct), transport/communications (1.9 pct), other services (1.2 pct) and agriculture/fishing (1.1 pct).

On the other hand, the energy/water, mining and manufacturing sectors recorded declines of 2.7 pct, 1.5 pct and 0.4 pct, respectively. Accumulated gross earnings grew 6.13 pct in 2016 to 25.5 billion euros, with EBITDA rising 16.2 pct to 11.9 billion and net (pre-tax) earnings jumping 72.54 pct to 3.8 billion euros.

The most profitable sectors were manufacturing, commerce and energy/water, while construction and mining were loss-making in 2016 and in 2015.

A total of 1,240 enterprises returned to profitability in 2016, after being loss-making in 2015, while 5,519 profitable enterprises raised their net results by 9.65 pct in 2016 and 2,803 loss-making enterprises managed to reduce their losses by 8.21 pct.


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