Financial Results of the First Half of 2023

THRACE GROUP announces the financial results for the first half of 2023. Strong Profitability and resilience, despite the challenges of the economic environment




Strong Profitability and resilience, despite the challenges of the economic environment


ATHEX:                PLAT

Reuters:               THRr.AT

Bloomberg:        PLAT GA

First half of 2023 Highlights:

  • Turnover: €180.1 mil.
  • EBITDA: €24.1 mil., Earnings before Taxes (EBT): € 12.2 mil.
  • Net Debt: €21.7 mil.
  • Smooth implementation of the annual investment plan of €30 mil.

THRACE GROUP announces the financial results for the first half of 2023.


First half of 2023 Financial Results

In the first half of 2023, the Group's Turnover amounted to €180.1 million, compared to sales of €212.7 million in the corresponding period of the previous year, mainly due to the significant decrease in average sales prices (the first months of 2022, prices of raw materials fluctuated at historically high levels and therefore sales prices had also moved upward) but also due to the limited decline in volumes by 5.6%, as a result of the lower demand.

During the first half of 2023, EBITDA amounted to €24.1 million while the comparable EBITDA of the first half 2022 amounted to €25.3 million, i.e. without including the extraordinary profit from the sales of COVID-19 related products of ~€4.7m (the first half of 2022, EBITDA amounted to €30 mil. including profits from COVID-19 products). The limited decline of 4.7% is a result of the lower demand observed worldwide in the main sectors of the economy (construction, agricultural sector), primarily in the European Union, the United Kingdom and the USA.

It is therefore, now clear that despite the ongoing adverse conditions prevailing in the global economy and the recession observed in the main targeted markets, the Group has achieved a stable, sustainable and strong profitability for another quarter. The fact that this achievement took place amid a period of economic recession, demonstrates the Group's ability to always align with the new market conditions, demonstrating flexibility and resilience, while creating optimism for further improvement of its financial performance in the future.

It is worth mentioning that regarding the Group's liquidity levels and the trading cycle of its subsidiaries, there was no negative effect as a result of the adverse conditions prevailing. On the contrary, the Group's Net Debt amounted to €21.7 million, compared to €21.5 million at the end of the previous year, despite the fact that in the second quarter of 2023, working capital is higher due to sales seasonality. Also, the calculation of Net Debt does not include a 9-months bank time deposit of €3.5 million.

At the same time, the implementation of the Group’s investment plan is progressing smoothly. The investment plan for 2023 is expected to amount to €30 million on a cash basis, with investments implemented mainly in the Group's facilities in Greece, but also in the other countries with production facilities.

More specifically, the following table depicts the key financial figures from continuing operations of the Group during the first half of 2023 compared to first half of 2022:


Continuing Operations



Change (%)





Gross Profit
















Earnings after Taxes




Earnings after Taxes and Non-Controlling Interests




Basic Earnings per Share (in €)




*Note: EBITDA, EBIT and Earnings before Taxes (EBT) of first half of 2022 include also profit from sales of COVID-19 related products amounted to €4.7 million. The comparable First Half 2022 EBITDA from traditional portfolio amounted to €25.3 mil., a change of -4.7%.   

Prospects of the Group

For the third quarter of 2023, the Group's Management monitors the changes taking place at the macroeconomic level and makes the necessary operational adjustments accordingly, targeting to achieve the best possible financial performance. In particular, the Group's Management estimates that, even if the reduced demand in several product groups remains at that level, significant EBITDA profitability will be achieved in the third quarter, roughly at the same level with the EBITDA profitability of the third quarter of 2022, which demonstrates the Group's ability, despite the intense and difficult market environment, to remain focused on its ultimate targets.

Regarding the prospects for the year 2023, the Management is working continuously to limit, to the extent possible, the negative consequences of the evolving economic crisis experienced in Europe, but is also closely monitoring the macroeconomic developments, at a global level, which are still characterized by inflationary trends thus affecting all cost items that constitute the industrial sector’s cost base. At the same time, demand remains at low level, especially in the main markets of focus for the Group (construction sector, agricultural sector), in the main geographical areas (European Union, United Kingdom and USA), while no recovery is expected until the end of the year. Despite the unfavorable market conditions and the overall uncertainty that is prevailing again, making any forecasts especially for the last quarter of the year 2023 rather precarious, it is now evident that the conditions of stable and strong profitability have further strengthened the prospects of the Group, especially following the Group’s investment plan that has been realized over the past years but continues to be implemented in the current year.

Regarding the financial performance of the first half of 2023, Mr. Dimitris Malamos, Group CEO, noted: "The year 2023 is characterized by recession, high inflation and uncertainty. In these adverse economic conditions, the Group manages to achieve increased level of profitability for another quarter, while further strengthening its financial position. In addition, it continues to invest in new technologies and applications, to increase its production capacity and to improve its cost base, aiming at the same time to constantly reduce its environmental footprint. Remaining committed to the implementation of our strategy, we continue to respond successfully to the international macroeconomic environment challenges, which will result in the further improvement of our financial performance."

For further clarifications or information regarding the present release, please refer to the Department of Investor Relations and Corporate Announcements, tel,: + 30 210-9875081.