AGET Heracles: 109% increase in net profits
Domestic cement sales showed an increase offset by lower prices and lower sales of solid fuels and other products, with total domestic sales up 7.3%
The turnover of AGET Heracles remained almost unchanged in 2020 compared to 2019, while the net profits of the cement industry increased significantly.
Specifically, the turnover of Heracles amounted to 188.5 million euros in 2020 compared to 188.8 million euros in 2019.
Earnings before interest, taxes, depreciation and amortization (EBITDA) of the company in 2020 increased by 36% and amounted to 35.5 million euros compared to a profit of 26.1 million euros in 2019 and net profit after taxes increased by 109% in 2020 and amounted to 9.6 million euros compared to 4.6 million euros in 2019. It should be noted that in 2019 the cement industry returned to profitability for the first time after 10 years.
Investments in tangible and intangible assets for the company in 2020 increased by 51% compared to 2019, increasing steadily, as they more than doubled compared to 2018.
Increase sales in the domestic market
Domestic cement sales increased, offset by lower prices and lower sales of solid fuels and other products, with total domestic sales up by 7.3%. The volumes of cement exports decreased, as did the selling prices, but were partially offset by the favorable development of the euro-dollar exchange rate and by the higher volumes of solid fuel exports. As a result, total exports decreased by 16.4%
According to relevant information, AGET Heracles is steadily implementing its strategy with new investments aimed at the continuous improvement of its environmental footprint and the transition to innovative and sustainable construction solutions, always respecting people, society, and the environment.
At the same time, in this difficult situation worldwide, the company took from the first moment all the necessary measures aimed at protecting the health and safety of employees, while setting as a priority the upgrade of digital communication tools and cooperation with its partners and customers, designing and adopting new solutions for the safe and smooth operation of its supply chain.
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