Cenergy: Markets – targets for 2024

Operating profitability of EUR 230 – 250 million is set for this year , according to its presentation of the results of 2023 . In particular, following the improvement in the financial results in 2023, with the unexecuted amount of EUR 3.15 billion (2.5 billion in the cable arm and EUR 650 million in the pipe arm), it is estimated that in 2024 Cenergy will achieve a higher operational profitability compared to EUR 213.8 million in 2023 and EUR 137 million in 2022. Moreover, the increase in the share of projects against products strengthens the profitability margin and free cash flow, also contributing to the effort to further reduce net lending. In 2023, net lending fell by around EUR 60 million. More specifically, this year Cenergy aims to cover investment costs, which will remain at almost the same levels as in 2023, from operating profitability. In relation to the construction plan of an underwater cable plant in collaboration with the Danish RES company Orsted, which is developing large offshore wind projects in the US, it was reported that the discussions have not stopped, as the project is in the company’s “radar”. However, alternative options may arise along the way, namely a different proposal. Regarding the project on the electrical interconnection between Greece and Egypt (GREGY), it was stressed that it is a major project for which Greece should decide to give domestic added value. With regard to the East Med project, it was noted that it is basically a “political issue” if its implementation progresses, but for the time being the landscape remains “fogish”. Cenergy also emphasizes South American markets (focused on Chile), Mexico, Israel, Australia and Taiwan. In Europe, attention is focused on energy transfer projects. On the other hand, the Middle East seems to be showing no significant opportunities, mainly due to increased penetration of Indian companies.