Technical Olympic, controlled by the Stengos family, is shifting its focus from shipping and public construction projects to real estate.
During a conference call held yesterday, management informed analysts that it is upgrading the Samos Marina it owns, while proceeding with real estate investments both domestically and abroad.
“We are carrying out a minor renovation at the marina, which includes opening a new restaurant, constructing storage facilities, and upgrading the electrical infrastructure,” management noted. Following these changes, the company estimates that the marina’s revenue and profits will increase by 15–20% on an annual basis.
On the real estate front, early indications of demand for apartments in the €26 million residential project being developed in Pigadakia, Voula, are positive. Technical Olympic is also making an investment in the U.S., while the €32 million project in Germany is on track for completion, with the first building set to be finished by the end of the year.
It should be noted that 22% of the group’s revenue comes from real estate, while 73% comes from shipping. The company has stakes in seven container ships.
No increase in shipping revenue is expected, according to management, which added that “the ships are aging; I would say that a decline in shipping revenue is expected, which is why we are so actively involved in other sectors as well. Shipping is a very cyclical industry."
Uncertainty in the construction sector
As for public construction projects, the company is wrapping up past projects without pursuing new ones.
“The company has completed all its public works projects in Greece and abroad. In Romania, the company is in arbitration with the Romanian government over an older project, which is expected to be resolved by 2026. Additionally, legal proceedings are underway with the Greek government regarding previous payments, the largest of which is the bonus from a construction project ( E65) in Lamia. “ Although it was delivered on time ( around 2015), the bonus was not paid under various pretexts,” it was noted.
Subsequently, the sector’s risk regarding human resources was highlighted: “There is a great deal of uncertainty regarding the workforce; we feel uneasy about taking on projects whose costs could rise significantly because there is a shortage of workers in Greece at the moment,” the company emphasizes.