AVAX Group, half-year 2021 financial results: Profitable growth and strong financial position on the way to the post-Covid era

The Group’s half-year 2021 turnover hit a five-year high, while EBITDA reached pre-pandemic levels, confirming a gradual transition back to the normal.

AVAX Group announced earlier today the financial results for its fiscal 2021 first semester, confirming the positive trend registered in 2020 and some remarkable achievements such as the signing of the Agreement for the Athens Metro Line 4.

The Group’s turnover for the first half of 2021 was €324.3 million, up 24.7% compared to €259.9 million reported for the first half of 2020. In terms of business sectors, €254.3 million (78% of the Group’s total) came from Construction services, €1.9 million (1% of the Group’s total) from Concessions, €62.7 million (19% of the Group’s total) from Energy and €5.4 million (2% of the Group’s total) from Other Activities.

Operating profit (EBITDA) was €32.1 million, up 20.2% compared to €26.7 million reported for the first half of 2020, while it is worth noting the solid contribution of projects currently under implementation outside Greece. Gross profit was €24.7 million vs. €22.7 million, marking an 8.7% increase from the prior year comparator period. On Group level, pre-tax earnings were up by 23.3% year over year, from €6.2 million in H1 2020 to €7.6 in H1 2021. Net Debt obligations (excluding leasing liabilities) dropped from €453 million in year-end 2020 to €428.5 million in half-year 2021.

On Company level, turnover was up 22.4%, at €249.4 million compared to €203.7 million reported for the first half of 2020, while operating profit (EBITDA) was €21.7 million compared to €24.8 million reported in the first half of 2020, down by 12.2%.

Gross profit was €20.1 million versus €15.5 million of the prior year comparator period, up by 29.8%. Contrary to the Group’s half-year 2021 results, Company profit before tax was lower than the prior year’s comparator period, at €3.3 million vs. €8 million reported in 2020. Net debt obligations (excluding leasing liabilities) dropped from €402 million in year-end 2020, to €376.3 million in half-year 2021.

The remarkable profitable growth, both at Company and Group level, in conjunction with a work-in-hand   of, approximately, €1.7 billion comes as a capstone of a business plan successfully followed under extremely adverse conditions. At the same time, the solid performance, the strong financial position and the ability to generate positive cash flow create the safety net that is necessary to offset a possible negative impact from the pandemic.