With the big “weapon” being exports, the sector has moved in reverse throughout the crisis. Despite the reduction in domestic consumption, companies are doing golden business, directing 90% of production abroad

Greek marble, a sub-sector of the mining industry that has moved in reverse throughout the crisis, has the favor of nature and the possibility of being represented by healthy businesses on its side. Despite the economic crisis and the huge reduction in domestic consumption, growth continues. The production in 2017 amounted to 1,600,000 tons and was directed to a percentage that reaches 90% abroad.AD

The profile of the two big “players”

Pavlidis: The acquisition of Mermeren and the presence in 45 countries

Among the largest companies in the sector is Pavlidis Marmara based in Drama, which after the strategic acquisition of Mermeren Combinat raised the bar. It is vertically integrated and active in the extraction, processing and sale of raw and processed marble products, as well as granite products. It specializes in the production and processing of white, semi-white and beige marbles, which are quarried in Drama and Kavala, as well as in quarries abroad. With white marble as the spearhead, Pavlidis exports more than 90% of its turnover to more than 45 countries, with the main markets being China, Southeast Asia, the Gulf, America and Europe.

The white Sivec marble (of the acquired Mermeren) is exported all over the world, while the company’s plant is 200 km away. from the port of Thessaloniki, which ensures the movement of marble. Mermeren marble has been used in buildings such as the Sky Eleven Apartments in Singapore, the Cathedral of the Savior in Moscow and the Sheikh Zayed Mosque, the largest in the United Arab Emirates. The acquired company has already announced an improvement in size for 2018, as the turnover reached 39.94 million. euros, recording an increase of 52.8% compared to 2017 (26.14 million euros) – a development due to the higher sales prices. In 2018, 35.5% of Mermeren’s sales came from three customers: one from China and two from Greece.

Each represents over 10% of sales. The results before taxes, financial and investment results and depreciation (EBITDA) were 27.4 million. euros, compared to 14.5 million euros in 2017. Profits after taxes reached 22.8 million euros, compared to 10.6 million in 2017. Bank lending on December 31, 2018 amounted to 1.3 million euros, i.e. it was almost unchanged compared to the balance of December 31, 2017, while the company had 21.9 million euros in cash and cash equivalents.

Iktinos: New quarry in the Peloponnese and investments of 10 million euros

Significant growth and new moves are being made by Iktinos Marmara, which recently secured a new quarry in the Peloponnese. This is the company’s fifth quarry (it already had four – Chrysi Arachni, Thassos, Volaka, Nestou). Those of Thassos and Volakas have proven reserves of 150,000 and 300,000 cubic meters. It is noted that at the end of 2017, Iktinos acquired the facilities of G. Lazaridis-Marmara Drama for 1.6 million euros. The company will invest 10 million euros in the modernization of the facilities, while equipment worth 4 million euros has already been installed. The investment is expected to be completed at the end of the year and, as estimated, the contribution of the new factory to the turnover is estimated at 10-12 million per year, with the aim of approaching 20 million per year.

Also, at the beginning of July 2018, it proceeded with the acquisition from the company Marmara Kavalas of the leasing rights of a quarry area of ​​96,470 acres, in the Pyrgon area of ​​the Municipality of Prosotsani in Drama, the operation of which will increase the company’s activity in 2019. In 2017, Iktinos Marmara recorded sales of 51.7 million euros compared to 35.70 million euros in 2016 (+49.9%), EBITDA of 19 million euros, net profit of 9 million euros (despite the recording of an accounting impairment of 1.25 million euros ). It had positive free cash flow of 12.2 million euros, reduced net debt by 8.5 million euros, while distributing dividends worth 3.67 million euros.

2018 ended with a rise. Revenue growth is estimated at 15%, while EBITDA is expected to fluctuate at +20%. 2019, according to the forecasts, will be significantly enlarged due to the addition of the new quarries and the twelve-month use of the factory acquired last year. 95% of turnover comes from abroad, while Iktinos marbles are exported to countries such as Argentina, Armenia, Australia, Bahamas, Bahrain, Belgium, Brazil, Bulgaria, Cyprus, Egypt, France, Germany, Great Britain, Holland, Indonesia , Iran, Iraq, Israel, Japan, Hong Kong, Kuwait, Lebanon, Malaysia, Morocco, Oman, Pakistan, Peru, Poland, Portugal, Romania, Russia, South Africa, Taiwan, Tunisia, Turkey, USA, etc.

Source: https://www.ethnos.gr/oikonomia/31400_leykos-hrysos-elliniko-marmaro