An increase of 9.3% was recorded in the consolidated turnover of Space Hellas for 2019 which amounted to € 72.3 million, compared to € 66.1 million in 2018. Space Hellas constant growth for several years was reflected in a new historical turnover, exceeding the original forecasts, which originated mainly from private sector projects and contracts.
Gross profit remained stable at € 15.9 million in 2019 compared to 2018. The EBITDA amounted to € 6.3 million in 2019 compared to € 5.9 million in 2018. Earnings before taxes were maintained at the same levels and amounted to € 2.2 million in 2019 compared to € 2.1 million in 2018, while earnings after taxes increased by 24.5% to 1.5 million in 2019 compared to € 1.1 million in 2018.
It is also noteworthy that the positive operating cash flow of € 4.9 million, increased by € 2.9 million through borrowing, was channeled into Group investments amounting to € 3.8 million, as well as into increasing the liquidity needed to support Space Hellas investment plans.
For the parent company, turnover closed at € 69.6 million in 2019 compared to € 62.8 million in 2018, while earnings before interest, tax and depreciation (EBITDA) amounted to € 5.3 million in 2019 compared to € 4.5 million in 2018. Finally, the profits before tax of the parent company for 2019 amounted to € 1.6 million compared to € 1.5 εκ. in 2018 and the corresponding results after taxes in 2019 amounted to € 1.2 million compared to € 1.0 million in 2018.
The Space Hellas Group of Companies continued its constant growth in 2019, achieving a new sales record for a third consecutive year, creating a significant backlog of unexecuted projects with signed contracts for 2020. The Group's operations extend to multiple technological fields at the edge of the digital transformation of large organizations both in the public and the private sector, while reinforcing growth at international level. Continually investing in man-power, new technology research and development, as well as modern tools and equipment, the company constitutes one of the most reliable and dynamically adaptable Systems Integrators in the ICT field.
The first estimates for 2020 concerning the ICT market development and the implementation of important projects that had been budgeted for the Space Hellas Group, were increased as compared to 2019. However, given the recent developments and the rapid global outspread of the corona virus, COVID-19, it is difficult to estimate at this moment the percentage of the revenue slowdown for the coming months.
Despite the delays resulting from the COVID-19 outspread, the signing of significant contracts and the execution of technology upgrading projects, as well as the support contracts for important organizations of the Greek Economy and the Public sector, create an important amount of unexecuted projects and revenue potential for the coming years, which constitute safeguards for the Space Hellas Group of companies.