Greek steel pipe maker Corinth Pipe Works parent Cenergy Holdings has reported that its revenue reached EUR 1.04 billion in January-September 2022, 36% higher than prior year's corresponding period and consolidated profit before tax surged by 51% YoY to EUR 53.1 million with net profit after tax at EUR 44.1 million, up 44% YoY. Cenergy CEO Mr Alexis Alexiou said “The strong performance recorded throughout Q3 of 2022 confirms Cenergy Holdings' momentum anchored in its vision towards value creation in energy transition markets. Throughout the quarter, we achieved utilization across all our production lines in both segments, a performance which allowed the Company to demonstrate record-high quarterly sales. The robust sales growth was coupled with improved profit margins and drove our pre-tax profitability to a noteworthy year-on-year increase. Furthermore, recent awards in both segments boost our order backlog even further and offer comfort for a positive ending of the year.”Cenergy said “The successful tendering activity continued without disruptions for both segments with total order backlog reaching EUR 1.75 billion as of September 30, 2022, the highest level ever achieved by the Group, 59% higher than June 30th. Commercial teams of both pipe & cable segments secured some important orders from July to September 2022, such asAlexandroupolis FSRU pipeline in Greece awarded by SaipemOstwind 3 turnkey export cable contract in Germany awarded by 50HertzFenix offshore gas pipes contract in Argentina awarded by OutlookIt added “The steel pipes segment has left behind a challenging first semester where the focus has been on securing capacity utilization and is looking forward to a positive end of the year, as the solid backlog built during the last months blends with a higher profit margin project mix. As market conditions improve, so is the order backlog, providing comfort for next year.”
Greek steel pipe maker Corinth Pipe Works parent Cenergy Holdings has reported that its revenue reached EUR 1.04 billion in January-September 2022, 36% higher than prior year's corresponding period and consolidated profit before tax surged by 51% YoY to EUR 53.1 million with net profit after tax at EUR 44.1 million, up 44% YoY. Cenergy CEO Mr Alexis Alexiou said “The strong performance recorded throughout Q3 of 2022 confirms Cenergy Holdings' momentum anchored in its vision towards value creation in energy transition markets. Throughout the quarter, we achieved utilization across all our production lines in both segments, a performance which allowed the Company to demonstrate record-high quarterly sales. The robust sales growth was coupled with improved profit margins and drove our pre-tax profitability to a noteworthy year-on-year increase. Furthermore, recent awards in both segments boost our order backlog even further and offer comfort for a positive ending of the year.”Cenergy said “The successful tendering activity continued without disruptions for both segments with total order backlog reaching EUR 1.75 billion as of September 30, 2022, the highest level ever achieved by the Group, 59% higher than June 30th. Commercial teams of both pipe & cable segments secured some important orders from July to September 2022, such asAlexandroupolis FSRU pipeline in Greece awarded by SaipemOstwind 3 turnkey export cable contract in Germany awarded by 50HertzFenix offshore gas pipes contract in Argentina awarded by OutlookIt added “The steel pipes segment has left behind a challenging first semester where the focus has been on securing capacity utilization and is looking forward to a positive end of the year, as the solid backlog built during the last months blends with a higher profit margin project mix. As market conditions improve, so is the order backlog, providing comfort for next year.”
