Cenergy Holdings aims at its further development and for this purpose it is considering an increase of its share capital by 200 million euros.
The aim is to strengthen Cenergy’s activity in the USA and in Greece.
The potential increase in share capital will be carried out subject to the required regulatory approvals as well as the prevailing market conditions and in this context an extraordinary general meeting of shareholders has been scheduled to take place at the beginning of October.
“The company is now entering a new period of development. The strong performance of the entire Group in recent quarters and the attractive medium-term outlook, especially in the cable business, supports our recent announcement to accelerate the expansion of production capacity in the US at the same time as a potential capital increase. The US market is a large and fast-growing market with attractive features for the cable sector, and the decision to expand in the US is part of the Group’s strategy to achieve profitable and sustainable growth, maintaining its focus on profitability through the clear role it has in the new global energy landscape,” CEO of Cenergy Holdings, Alexis Alexiou, said.
The company recorded strong performance in the first half of the year. Sales amounted to 812 million euros with improved margins in both steel cables and pipes. Adjusted EBITDA stood at 119.5 million euros (+39% y-o-y, margin 14.7%), reflecting strong momentum in both cables, with adjusted EBITDA margin increasing further to 14.2% (H1 2023: 12.1%), as well as in the steel pipe segment, with the adjusted EBITDA margin reaching 16.1%, almost double that of the first half of 2023.
