METKA: Focus on the big construction project

Having already accumulated a... potential backlog of 1 billion euros, METKA, the construction subsidiary of Metlen (formerly Mytilineos), has set its sights on claiming new major construction projects, spread across various sectors, both public and private.

Besides, as mentioned in a press briefing, the company wants not just to focus, but to be the focus of major infrastructure projects of the present and future, by bidding for tenders, and with the aim - having already reached the backlog of 1 billion in less than a year - to allocate and undertake projects that will reach an additional 1 billion.

As it seems, METKA is putting all its focus on major infrastructure projects across the country. From environmental projects, such as water management and waste management, to railway infrastructure, and even the construction and operation of schools.

It should be recalled that METKA already has a presence in road and railway projects, port facilities, as well as large-scale building projects, with the aim now to open up to environmental projects as well. We should also say that the Metlen Group has a strong presence abroad, however the subsidiary is currently determined to focus on new public and private construction projects in the domestic market, namely Public-Private Partnerships and Concession projects.

However, it is a fact that the company has strong liquidity, with an "ally" of 100 million euros net cash at the end of 2023, so it has strong potential to bid for such contracts.

THE MAJOR RAIL AND ROAD WORKS

As the company made known, it’s currently targeting the claim of road and rail projects for the restoration of the disasters in Thessaly, with a total budget of 1.4 billion euros, which the company estimated that they will be put out to tender in July, with the results and signatures expected in August - September.

Τhis is not the only railway project for which METKA is in the battle, since, through joint ventures, it participates in the tenders for the railway projects of the competitive dialogue (with a total budget of €1.3 billion) and in the tender for the extension of Line 2 of the Metro (€600 million). As far as railways are concerned, it is worth mentioning that the construction of the West Attica suburban railway, with a budget of €95.7 million, is also underway.

However, major road projects are also on the map, as it is participating in the tenders for the PPPs in Northern Greece (Mavrovouni - Edessa and Drama - Amphipolis), with a budget of EUR 550 million.

It has also already undertaken the first road of the Flyover in Thessaloniki (in a joint venture with Avax) and is awaiting the start of the Chalkida - Psahna bypass road project, which is pending expropriation, as well as the signing of the contract for the construction of the 6th pier of ΤhPA S.A. Port of Thessaloniki (in a joint venture with TEKAL).

ENTRY ΙΝ ENVIRONMENTAL PROJECTS

Road projects, railway and building installations are METKA's strong card, but having financial and non-financial strength in its quiver, it seems that it is also entering dynamically the environmental projects sector and this is proven by the fact that it is currently bidding for a number of projects, through which it intends to declare its presence and claim its consolidation in this sector as well. Specifically, the Rafina Wastewater Treatment Centre, the Hydra Integrated Waste Management Facility project, the Kavala Waste Treatment Plant (in joint venture with Elector) and the same kind of facility in Agrinio. Furthermore, it is also bidding through joint ventures and irrigation projects with the Ministry of Rural Development as the contracting authority.

However, the range of infrastructure and various facilities is quite wide, as the company has undertaken, in cooperation with TERNA and AKTOR, the construction of the new Panathinaikos stadium, with a budget of 96.8 million euros, as well as the PPP for the construction and operation of 17 schools in Central Macedonia, worth 128.4 million euros, together with ATESE.

METKA IS ALSO A BIG PLAYER IN THE ELLINIKON PROJECT

It should be recalled that METKA has taken over from Lamda Development the construction project of Riviera Galleria, the coastal mall that the company is developing in The Ellinikon project, in the area of Agios Kosmas Marina, after winning the relevant tender. This is the second project undertaken by the construction company, as it is the contractor along with AKTOR in the project for the sports facilities.

The private projects to be executed by METKA also include the 5-star hotel IKOS Kissamos in Crete, with a budget of approximately EUR 100 million.

In this context, the company hopes and also estimates, already having significant advantages with strong projects underway and financial resources, and with the prospect of projects to be signed, that it will significantly strengthen its size in the 2024-2025 period.