ICAP : Top 500 most profitable Greek companies in 2014

3 November 2015
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The top 500 most profitable Greek enterprises, included in the “Business Leaders in Greece” report released by ICAP, recorded significantly improved performance in 2014, marked by a big increase in profits and much better results compared with total Greek enterprises.

Nikitas Konstantellos, chief executive of ICAP Group, commenting on the report, said: “After a long period of recession, 2014 was a turning point for the Greek economy, given the fact that a recession finally ended, recording a positive growth rate in GDP.

Improvement in fiscal data was significant, but difficulties on the front of the real economy remained intense and positive developments were rather weak. EBITDA fell in 2014, while pre-tax results showed a loss of 7.9 billion euros for Greek enterprises, mainly reflecting losses in the banking sector. Within this climate it is more important that the 500 most profitable Greek enterprises in total improved their profitability significantly, despite the fact that sales increased only slightly. The top 500 most profitable enterprises reported EBITDA of 10 billion euros, while pre-tax profits totaled 4.3 billion euros in 2014”.

The minimum EBITDA earnings for a company to be included in the top 500 enterprises was 3.72 million euros, up from 2013, but still very low compared with 5.9 million in 2007. On a group level, the EBITDA minimum level was 2.53 million euros, down from 2.71 million euros in 2013. ICAP said that from the total 500 most profitable enterprises in 2014, only 62 were listed in the Athens Stock Exchange.

The report said that EBITDA earnings grew 18.3 pct in 2014, from the previous year, while pre-tax profits jumped 27.5 pct in the same period. Based on pre-tax earnings, 84.4 pct of the top 500 enterprises were profitable and the remaining were loss-making. Total turnover grew slightly in 2014, the report said.

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