Brief Financial Summary
Figures for the first nine months of 2024
Thessaloniki, Greece - November 22, 2024 -
AS Company S.A. (ASCO) announces its summary financial results for the first nine months of 2024.
Turnaround in the First Nine Months of 2024
The sales decline recorded in the first half (H1) of 2024 at the Group level was reversed, with a dynamic 14.5% increase in the third quarter (Q3) of 2024. This growth resulted in a 3.0% increase in consolidated sales compared to the corresponding nine-month period in 2023.
Romania: Significant Increase in Sales
Romania recorded the largest sales increase, with a growth of 20.6% compared to the same period in 2023.
Gross Profit Improvement
Gross profit as a percentage of sales improved compared to the same period last year, reaching 51.1%. This result confirms the company's strategic focus on high value-added products.
Remarkable Financial Position
The Group's financial position remains strong. Cash and cash equivalents, investments at fair value, and the value of investment properties have increased significantly compared to December 31, 2023.
Amounts in EUR | GROUP | ||
30.09.24 | 31.12.23 | D | |
Cash & cash equivalents | 16.052.109 | 14.318.363 | 1.733.745 |
Investment properties | 4.241.741 | 3.995.880 | 245.861 |
Total | 20.293.850 | 18.314.243 | 1.979.606 |
Improved EBITDA and EBT
The firm commitment to margin growth is reflected in the improvement of EBITDA and EBT. EBITDA amounted to €3,703 million, an increase of 2.6% Similarly, EBT amounted to €4,009 million compared to €3,773, an increase of 6.3%.
New Activity - Category Infant Development
The new category of infant development products was dynamically launched in September, as the Company acquired exclusive distribution rights for Chicco, Boppy, Bébé Confort, and Safety 1st products. This strategic move enriches the Company's product portfolio and strengthens its market position.
Comment by the Chairman & CEO
Mr. Efstratios Andreadis, Chairman and CEO of AS Company Group, stated:
"In the third quarter of 2024, amidst a climate of uncertainty, AS Company exceeded its targets and reversed the sales trend of the first half of the year. The third quarter saw strong demand for our products, leading to both improved profitability and an increased market share in our industry. The Group will continue its efforts to achieve sales higher than those of the previous year."
The Company's Board of Directors has convened an Extraordinary General Meeting in December 2024 to approve the distribution of a net amount of €0.05 per share from prior years' profits.
Amounts in EUR
Business cycle
Gross Profit
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
GROUP
1.1 - 30.09.2024 1.1 - 30.09.2023 Δ%
19.059.861 | 18.500.739 | 3,0% |
9.738.328 | 9.117.436 | 6,8% |
51,1% | 49,3% | |
3.703.939 | 3.611.185 | 2,6% |
19,4%19,5%
EBT | 4.009.274 | 3.772.945 | 6,3% | |||
21,0%20,4%