GEK TERNA: 1.7bn-euro backlog, strong profits and new projects

A backlog of 1.7b euros was announced earlier today by GEK TERNA in a press release on the annual financial results for 2019, maintaining strong prospects of healthy construction activity for the coming period.

The new projects undertaken by the Group concerns -among others- the construction of the new Heraklion International Airport in Kastelli (Crete), the construction of the southern section of Kentriki Odos-E65 Motorway, the participation in the reconstruction of Tesla Airport in Belgrade (Serbia), the development of Cyprus Casino in Limassol, as well as a number of other projects both in Greece and abroad.

The construction turnover for third parties last year amounted to 679.8m euros, compared to 94m euros in 2018. Also, operating profit(adjusted EBITDA) stood at 10.9m euros compared to 32.1m euros in the previous year.

As the Group’s CEO, Mr. Giorgos Peristeris commented on GEK TERNA’s investments: “We have already launched a broad investment program of about 3b euros in the sectors of clean energy, energy storage with pumped storage hydropower, gas-fired power plants, environmental projects and waste management infrastructure, while we expect developments in new investment initiatives in which we participate, worth more than 1bn euros.”

It is noteworthy that the total power of the Group’s RES facilities in operation or under construction now reaches 2,000 MW. Investment in the clean energy sector alone reached 260m euros.

In the concessions sector, a new addition has been the concession company for the new International Airport in Heraklion, for which the concession contract was signed with the Greek State on February 21, 2019. On March 27, 2019, the Group, through TERNA Energy, put into operation Epirus Waste Treatment Unit with an average annual capacity of 105,000 tons. The total equity amounted to 767m euros.