EKTER S.A. held today, July 4, 2025, its Annual Ordinary General Shareholders’ Meeting for FY 2024. The General Meeting was convened in quorum required by law and the company’s articles of association and all agenda items were approved.
Mr. Athanasios Sipsas, Chairman of EKTER S.A. Board of Directors, addressed the General Meeting and presented major developments and financial results for 2024, the company’s strategy, and its medium-to long-term prospects.
Regarding FY 2024 performance, the company within the past year signed several contracts for significant new projects. At the same time, it completed the merger with “ENERGEIAKOS KONVOS S.A.”
The Company’s turnover reached €86.2mn, achieving an increase of 9.1% compared to 2023. The Company’s gross profit amounted to €15.6mn, up from €12.5mn in 2023, marking a 25.4% increase, boosting the gross profit margin by 3.3 percentage points to 19.1%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at €13.0mn, up by 7% compared to 2023, with the respective margin from construction activity reaching 22.1%, compared to 18.3% during the previous year.
Finally, profits after taxes increased by 13.7%, reaching €10.3mn from €9.1mn in 2023. Considering all of the above, the Board of Directors proposed, and the Ordinary General Meeting approved, the distribution of a dividend from the FY 2024 profits, amounting to €0.065 per share before taxes.
As far as it concerns the Company’s financial position, capital structure was further strengthened during FY 2024. Working capital increased and reached €18.8mn from €16.0mn in 2023. A very significant increase was also recorded in shareholders’ equity, which rose to €44.1mn from €26.9mn as of December 31, 2023.
According to Mr. Athanasios Sipsas, the significant growth in EKTER S.A. financial results is not a coincidence. It is attributed to EKTER S.A. robust organizational structure and extensive expertise, elements that enable the company to systematically and consistently participate in project tenders, both private and public, by timely submitting reliable offers through a sound costing system. Furthermore, the company’s reputation for the timely and skillful completion of its projects acts as a multiplier, consistently attracting new clients and assignments. All of the aforementioned arguments, serve as tangible proof of the dynamics EKTER S.A. has built, which shape the foundations for its steady growth trajectory.
An extensive analysis was also conducted regarding EKTER S.A. new strategy and the prospects arising from it. The new strategy is now based on four core pillars, with the ultimate goal of diversifying its business model and creating strong synergies, in line with the international standards of modern construction and investment groups. This further fortifies the company’s stability against the cyclical risks that characterize the traditional construction sector. More specifically:
Construction Sector
Construction is expected to remain the primary growth driver for the Group, currently contributing circa 95% of its total turnover. The company has established a robust reputation for its consistency, technical excellence and timely project completion.
The backlog of signed projects has now exceeded €110mn (excluding contracts to be signed), compared to €102.6mn as of December 31, 2023.
A significant catalyst for the growth of this activity is the acquisition of the 7th Grade Construction License.
The company has already met most of the criteria and aims to fulfill the remaining ones within 2025, in order to submit an application for the upgrade of its license. This upgrade will enable the company to participate in public sector projects without budget limitations.
The outlook for the construction sector in Greece is currently, and is expected to remain, exceptionally positive. This is driven by the intensive absorption of resources from the Recovery and Resilience Facility, the new NSRF 2021-2027, and the significant activity observed in private projects.
Hospitality Sector
The Company pursues to develop a high-quality hospitality portfolio, which will enhance stable and recurring revenue streams, while gaining exposure to one of the most dynamic sectors of the Greek economy.
With the acquisition of the 5-star hotel Summer Senses in Paros, the company made a significant investment in both infrastructure and human capital, integrating professionals with deep knowledge and experience in the tourism and hospitality sectors into its core team. Management anticipates the hotel’s turnover for 2025 to range between €4.0mn and €4.5mn, despite the challenges faced by the industry due to geopolitical developments.
The Management’s strategic plan also includes the development of a new ultra-luxury 5-star hotel complex in Kolympithres, Paros, on a privately owned plot spanning 328 acres. The launch of this project is subject to the final decision of the Council of State, with a potential outcome expected within 2025. It is important to note that the project has secured financing through the Resilience and Recovery Facility. According to Management’s estimates, once completed and operational, this new unit is anticipated to contribute €20.0mn annually to EKTER S.A. turnover.
PPP’s Sector
The company participates in a joint venture that has already been designated as the preferred bidder, for the PPP project “Study, Construction, Financing and Technical Management of Building Facilities for Five (5) Police Directorates throughout the Territory”. This project, on one hand, creates significant synergies with the Company’s construction sector, as its construction budget amounts to approximately €50.0 mn.
Additionally, through this project, the Company enters and develops expertise in the PPP (Public-Private Partnership) sector, which is expected to become the primary model for the next generation of projects in many European countries, as well as in Greece.
Finally, this constitutes a sound investment with high performance indicators, ensuring stable revenues for the Company for the next 30 years approximately, given that its concession period will extend until 2053.
Real Estate Sector
The Group has set as a key pillar for diversification and the creation of stable future revenue streams the enhancement of its presence in the Real Estate sector. Management has decided to systematically leverage its existing property portfolio with the aim of creating value for the Group both in the short and long term.
In this context, among other initiatives, the Company plans the construction of its new headquarters on a privately owned plot of 830m2 in Agia Paraskevi, Attica.
About EKTER S.A.
Founded in 1959, EKTER S.A. is a rapidly growing Greek construction company, which stands out for its unique quality characteristics. For over 65 years, EKTER S.A. ventures with consistency, reliability, efficiency, and above all, integrity, delivering high-quality projects. The company’s strategy focuses on business development and continuous operational improvement, having developed a business model concentrated on construction, where EKTER S.A. possesses extensive specialization and accumulated know-how across a broad portfolio of projects, which is gradually being diversified as the company penetrates construction related sectors such as hospitality, real estate, and PPP (Public-Private Partnership) projects. EKTER S.A. currently holds a 6th grade construction license, however, it now meets the major financial criteria for obtaining the highest, 7th grade construction license, with the remaining criteria expected to be fulfilled within 2025.
With the utmost respect for both the environment and people, EKTER S.A. constructs projects whose style and ethos contribute to shaping the landscape of the country’s modern civilization, aiming to create added value not only for its shareholders but also for Greek society as a whole.
It is listed on the Athens Exchange (ATHEX) since 1994.