Thrace Plastics | Positioned for demand bounce back Vol 2
2024: Margin pressure in a tough year – In a year characterized by sustained demand headwinds and rising costs pressure, Thrace EBITDA was weighed down by category/product mix, despite the 7% yoy increase in the top line. Adj. EBITDA was down by 4% yoy to €42.3m in 2024, while group turnover advanced to €370m driven by strong volume growth (+10% yoy). 2024 PBT shaped at €13.7m, down vs adj. EBT of €20.2m in 2023, weighed by one-off costs and elevated depreciation charges. As a result, net profit shaped at €10.6m (-40% yoy).Heading for growth in 2025 – We have refreshed our forecasts to reflect improved volumes from new capacity and conversion investments while keeping pricing flat amid a soft macro backdrop. We lift our 2025e revenues by 4% to €399m (+7.6% yoy). However, we account for a sustained low gross margin level of 80% of its EBITDA to operating cash flow, allowing it to proceed with large scale investments (new production technologies, expanded capabilities, automations, infrastructure & maintenance), which have surpassed €190m since 2019. At the same time the group has returned c€50m to shareholders, while maintaining a healthy balance sheet, with leverage
Thrace Plastics Holding and Commercial SA Formerly known as Thrace Plastics Holding and Commercial Societe Anonyme. Thrace Plastics Holding and Commercial Societe Anonyme, formerly Thrace Plastics Co SA, is a Greece-based company engaged in the production and trade of plastic products, textiles and packaging materials. The Company's range of products are divided into three categories: Technical Fabrics & Fibers, which includes such products as woven and non-woven geotextiles, ground covers, crop covers, nets, roofing membranes, staple fibers, concrete reinforcement fibers, geogrids, Mega bag components and carpet and industrial yarns; Consumer Packaging, which offers plastic containers and lids, cups, tubs, bottles, bags for liquid packaging, as well as plastic packaging for food products, and Industrial Packaging, which includes ropes and twines, big bags, films, woven polypropylene bags, bags for heavy duty, pallet covers, and stretch hoods. The Company operates through its local and international subsidiaries.
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