Cenergy Holdings announced satisfactory growth in cables and steel pipes performance during the announcement of its financial results in the first quarter of 2024.
More specifically, the company made a dynamic start in 2024, with sales reaching 396 million euros, marking a 4% increase compared to the first quarter of 2023.
Operating profitability (adjusted EBITDA) stood at 54.4 million euros, 24% higher compared to the same quarter last year, with consistently high profit margins at 13.7%.
The two sectors showed improved performance, recording consolidated net profit after taxes at 23.6 million euros compared to 15.4 million euros in the first quarter of 2023 (+54%). The backlog of orders stood at 3.1 billion euros on March 31, 2024.
As the company noted, the expansion plans in all the main factories of the Group are in progress according to the timetables that have been set. Adjusted EBITDA is expected to range between 230-250 million euros for the financial year 2024.
Commenting on the Group’s performance, Alexis Alexiou, CEO of Cenergy Holdings, noted that “the significant improvement in profitability for the first quarter of 2024 is due to our balanced portfolio and our ability to efficiently implement demanding energy projects.
The order backlog has stabilized above the 3 billion euro threshold with strong potential for further growth during this year.”
Regarding the dynamics of the group, Alexiou pointed out that “the required expansion of the production capacity in all the main production units is underway, supporting our strategy for organic growth and serving our vision to chart a dynamic course in energy transmission infrastructures.”
