The first quarter of 2020 ended positively for EDA THESS. According to the Company’s announcement the following are pointed out:
In the period of January – March 2020, the Company operated at high pace, recording strong growth in all sectors. An even more impressive development given the significant and global decline in the business activity that brought about by the pandemic coronavirus and the emergency measures for its limitation.
Specifically, the first quarter of 2020 of EDA THESS closed with the addition of 5.900 activations of new delivery points – (gas consumers) to its asset base, which were increased by 17% in relation to the Company’s budget. In addition, EDA THESS, continuing the expansion of its network, constructed more than 33km of new network in Thessaloniki and Thessaly. In total, the Company’s investments for the network’s expansion during this period amount to € 6,17 million.
Equally large was the increase in gas volumes distributed by the Company. By the end of March 2020, distributed volumes exceeded 211,2 cubic meters, increased by 8% compared to the budget.
In detail, financial results of the quarter are as follows: in the first quarter of 2020, EDA THESS’ turnover exceeded € 28,9 million, showing an increase of about 21% compared to the budget, while profits before interest, taxes and depreciation (EBITDA) reached € 24,74 million, increased by 32,3% than those foreseen in budget. Even better are the results of the Company’s net profits, after taxes, which amounted to € 15,7 million, an increase of almost 42% compared to budget and 2% compared to the first quarter of 2019.
Commenting on the results, the General Manager of EDA THESS, Mr. Leonidas Bakouras, noted: “the results of the first quarter of 2020 confirm the development strategy of EDA THESS, the effective organization and programming that we consistently implement. Despite the adverse conditions created by the pandemic, our Company is recording significant growth in all sectors. There is no doubt that EDA THESS will manage to fully implement the large investment program on time and achieve all the objectives that was set for the network’s development in the areas of its License”.