Attica reports a recovery

2022-04-13T20:30:05+00:00 April 13th, 2022|Finance|

Attica Group, a subsidiary of Marfin Investment Group (MIG), saw consolidated revenue increase by 20% last year, reaching €347.91 mill, compared with €290.40 mill for 2020.

EBITDA increased by 4%, reaching €41.96 mill ($40.39 mill in 2020) and consolidated losses after taxes were significantly reduced to €13.19 mill, compared to a loss of €49.42 mill in the previous year.

Attica Group’s turnover continued to be adversely affected for the second consecutive year, by the COVID -19 pandemic and the restrictions on the movement of passengers and vehicles, as well as by the imposition of a reduced passenger capacity protocol on board of the vessels.

Traffic volumes in 2021 were lower than those recorded in the pre-COVID-19 period, and in particular, compared to 2019.

However, despite the restrictive measures imposed on passenger traffic, especially during the first four months of 2021, and the delayed tourist traffic resumption, passenger traffic increased compared to 2020, marking the beginning of the gradual normalisation of Group’s operations, the company said.

The results increase was achieved despite the significant increase in fuel oil prices of over 32%, compared to 2020, which resulted in the increase of Group’s operating costs by $31.76 mill.

On 31st December, 2021, Attica’s cash and cash equivalents stood at €97.36 mill, compared to €80.53 mill  at the end of 2020. The tangible fixed assets of the Group amounted to €673.84 mill, compared to €678.66 mill as at the end of 2020, and mainly concern the vessels owned by the Group.

Total debt stood at €481.59 mill, compared to $430.54 mill the previous year.

Attica’s fleet consists of 30 vessels sailing under the banner of Superfast Ferries, Blue Star Ferries and Hellenic Seaways, of which 20 are conventional ropaxes, nine are highspeed catamarans and one is a ro-ro.

This year, the fleet is expected to be complemented by three newly built Aero Catamaran type vessels, which will be deployed on the Saronic Gulf routes.

All of the vessels are fully owned by the Group, except for one ropax, which is under long-term lease.

Attica Group’s traffic volumes, compared to year 2020, increased by 34% in passengers, 38% in private vehicles and 11% in freight units. The number of sailings also increased by 12%.

In the Adriatic Sea and on Crete routes, Group vessels operate in a joint service with vessels run by ANEK LINES.