INTRAKAT unveils a €915 pipeline in progress
INTRAKAT unveils a €915 pipeline in progress
  Investments  |  Economy  |  Projects  |  Greece

INTRAKAT unveils a €915 pipeline in progress

RE+D magazine

The Intrakat group recorded a dynamic course during the first half of 2023, achieving its return to operational profitability, increasing turnover by 45%, expanding its backlog to €2.1 billion and consolidating its financial base, in context of the ongoing strategic development plan.

According to the financial results for the first half of 2023, published, the consolidated turnover of the Intrakat Group amounted to €149 million, an increase of 45% (compared to €103 million last year). While the backlog (of projects signed and to be contracted) stood at 2.1 billion euros against 1.3 billion euros on 06/30/22, an increase of 71%.

The first half of 2023 found Intrakat in a strengthened financial position: Consolidated pre-tax profits increased significantly to EUR 23 million against a loss of EUR 19 million last year. Net profits came to €17.7 million from losses of €18.4 million in the first half of 2022. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached €9 million from losses of €7 million last year corresponding period. 

Equity amounted to EUR 177 million, up 194% compared to 31.12.2022, with liquidity significantly improved – cash and cash equivalents increased by 138% compared to 31.12.2022 to EUR 60 million, while net borrowing decreased by 26% to reach 94 million euros. 

In addition, the Group's capitalization approaches half a billion euros (487 million euros, based on the closing price of September 25, 2023) and is increased by 107% compared to the corresponding period last year.

New project contracts amounting to 915 million euros

In the first half of 2023, Intrakat signed new project contracts worth 915 million euros, the most important of which are the following:

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 million.

Construction works for the construction of the Residential Tower in Hellinikon Marina. Bouygues Batiment International - INTRAKAT joint venture, on behalf of HELLENIKON S.A., with a total budget of €350 million.

Study, construction, financing, operation and maintenance of the Northern Road Axis of Crete, Section Hersonissos - Neapoli with S.D.I.T. Joint venture TERNA, AKTOR ATE INTRAKAT with a total budget of €189 million.

Study, financing, construction, operation and maintenance of the road axis SW Peloponnese, Section Kalamata – Rizomylos – Pylos – Methoni with S.D.I.T. AKTOR ATE - INTRAKAT joint venture, €239 million budget.

Intrakat, through its subsidiary INTRA-S ENERGY M.A.E., was selected as the lowest bidder in a tender by RAAE for the construction of 3 storage stations, with a total capacity of 100 MW, in Evia and Rhodope.

Intrakat Group's development orientation remains strongly focused on the main pillars of strategic investment and in particular construction, PPP and concessions, renewable energy and real estate development. At the same time, the integrated operational and administrative restructuring plan of the Company remains in progress with the aim of implementing its development and investment program.