THE CORREA GROUP INCREASES ITS PRE-TAX PROFIT BY 58% IN THE FIRST HALF

In the first half of the year, the Correa Group achieved record-breaking figures across all levels, including revenues, EBITDA, profit, order intake, and order backlog.

The substantial order backlog with which the Group closed out 2022 has allowed for double-digit growth in consolidated business volume, reaching €50.3 million, representing an 11% increase compared to the same period last year. Despite the impact of rising labor and material costs, this volume increase enabled the group to boost its EBITDA by 47%, reaching €6.4 million, resulting in a 12.7% margin on revenues. These figures affirm the established strategy and the management system in place to execute it.

The consolidated pre-tax profit (BAI) of the company amounted to €5.6 million, a 58% increase compared to the same period in the previous year. In percentage terms, this demonstrates an 11% return on revenues, positioning the Group as one of the most profitable companies in the sector.

The fiscal year also concludes with a record-high order backlog of €105.5 million, a 41% increase from the previous year. Despite the uncertainty and current economic challenges, this order backlog reflects the company's strong position and a positive outlook for the near future due to a level of activity in line with its resources.

Maintaining controlled levels of debt and high liquidity continues to demonstrate the financial strength of the Group, enabling it to fulfill its commitment to shareholders and sustain organic and profitable growth. In recent months, construction has begun on a new machining subsidiary featuring modern, digitalized, and automated facilities. This subsidiary not only enhances the company's production process but also serves as a show-room, showcasing the "factory of the future."

On the commercial front, the company's export activities remain vital, accounting for over 87% of its revenue volume and showcasing significant geographical diversification. The group's sectoral and geographical diversification is of particular significance at present. Sector-wise, two areas stand out: Defense and the Aeronautics sector, while the Automotive sector, to varying degrees, is beginning to show signs of recovery. From a market perspective, notable commercial results have been achieved in the Chinese market during this period. Germany has become one of the company's primary markets. Additionally, in 2023, Turkey has emerged as a significant market, with a strong presence in the automotive industry.