Its consolidated turnover amounted to 3.3 billion euros Viohalco in the first half of 2024 compared to €3.4 billion in the first half of 2023. According to a related announcement, the turnover was mainly affected by the sales mix of the various branches, in an environment of continued anemic demand in the European manufacturing and construction sectors.

H consolidated operating profitability (a-EBITDA) remained at high levels, reflecting the shift to product categories with higher profit margins as well as strict cost control and amounted to €273 million (H1 2023: €269 million).

The consolidated ones profits pre-tax income increased due to organic growth in the steel cable and pipe businesses to €112m from €61m in the first half of 2023, with the metal result slightly positive, versus negative in 2023.

Net borrowings increased by €55 million to €1,928 million, as a result of working capital seasonality, despite effective management, particularly by the aluminum, cable and steel pipe industries, in an environment of supply chain disruptions and metal price volatility.

Commenting on the results, the managing director Hippocrates Ioannis Stasinopoulos said: “During the first half of 2024, Viohalco’s companies demonstrated remarkable resilience, adaptability and flexibility and recorded robust performance and earnings growth, despite the challenges of their operating environment. The steel pipe and cable industries capitalized on the momentum of 2023, successfully implementing existing projects and securing new contracts. Despite anemic demand conditions, the copper sector recorded an increase in profitability, primarily due to the performance of Sofia Med. And the aluminum sector capitalized on its previous investments, aiming to optimize performance, efficiency and product mix, while the steel sector continued to be affected by sluggish demand in the European construction market. Finally, the growing demand for high-quality, sustainable buildings in Greece led to positive performance in Viohalco’s real estate sector. Looking ahead, I am optimistic about the long-term growth of the Viohalco companies by leveraging sustainability enhancements and implementing strategic initiatives across their diversified portfolio.”

The main operational elements of the first half of 2024 include:

– Continued growth in turnover and profitability of Viohalco’s cable and steel pipe divisions, thanks to the demand for higher margin projects, the successful implementation of existing projects and the commissioning of new ones.

-Aluminum sector focused on production process optimization and productivity improvements to effectively balance demand across market segments and enhance future performance. In addition, great emphasis was placed on working capital management.

– The copper sector performed strongly despite subdued demand, mainly due to the performance of Sofia Med, a subsidiary of ElvalHalcor. Given the circumstances, volume loss was kept to a minimum, while cost optimization and lower energy prices helped the industry maintain its high profitability.

– The performance of the steel sector was sluggish, due to anemic demand in the European construction sector, increased interest rates and increased imports from low-cost countries.

– The real estate segment recorded strong operating results with a significant increase in rental income, as a result of active property management, agreements with new tenants and increased turnover from shopping centers.

– Maintained initiatives to adapt product portfolios to current conditions, maximize production capacity utilization and increase operational efficiency across industry sectors.