Thrace Group reports modestly lower turnover in 1Q2022
Thrace Group’s financial results for the first half of 2022.
Earnings before Taxes (EBT) of half year amounted to € 20.1 mil. out of which, €15.4 mil. relate to the traditional product portfolio.
The Group's Turnover from continuing operations amounted to €212.7 mil., versus € 234.3 mil. in the first half of the previous year, posting a drop of 9.2%, while Earnings before Taxes (EBT) from continuing operations amounted to €20.1 mil., while in the first half of 2021, EBT amounted to €62 mil., as a result of the significantly decreased demand in products related to COVID-19.
More specific, from the €20.1 mil. of EBT, €15.4 mil. relate to the traditional product portfolio and €4.7 mil. were generated from sales of personal protection products related to COVID-19.
As there is more direct comparison between the first half of 2022 and the pre-pandemic levels, i.e. the first half of 2019, it should be noted that Earnings before Taxes from the traditional product portfolio have more than doubled (vs first half of 2019), recording an increase of 133%, demonstrating the significantly higher profitability that was generated amid especially difficult market conditions globally during the first half of 2022, along with the higher costs in terms of raw materials, energy and transportation.
More specifically, the following table depicts the key financial figures from continuing operations of the Group during the first half of in relation to the corresponding period of 2021. It is noted that the discontinued operations concern the termination of production activities of the US subsidiary Thrace Linq Inc.