METKA targets Africa as Middle East slowdown hits profits

Greek EPC company METKA suffered a dip in performance in the first half of 2015 due to a slowdown in its projects in the Middle East.

And the company plans to counter this slowdown by turning its attention to projects in Sub-Saharan Africa. METKA

In its six-month report, METKA posted a turnover of €257.6m ($282m) against €361.9m in the same period in 2014.

The company said this is “due mainly to the slowdown in progress regarding the implementation of the company's projects in Syria”.

Earnings before interest, tax, depreciation and amortisation stood at €46.2m, down 19.8 per cent from €57.7m for the first half of 2014.

Net profit after tax and minority rights stood at €29.2m, against €54.5m for the previous year.

The company said that “with the vast majority of its consolidated turnover already generated in markets abroad, METKA has turned its interest to Sub-Saharan Africa, where it is negotiating important contracts to cover urgent needs for the provision of electricity in developing countries of the region”.

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