Levantine Marble, a leading player in Spain’s natural stone sector, reported higher sales for the second consecutive year, yet persistent red figures keep attracting attention. The latest consolidated annual accounts filed in the Commercial Registry reflect the 2022 financial year, illustrating the ongoing struggle to restore profitability even as revenue trends improve.
In concrete terms, the company posted ordinary income of 141.5 million euros, marking a 5% rise over the previous year and surpassing pre-pandemic levels that had dampened activity. Despite this improvement in top-line performance, the operating result remained negative at 8.1 million euros, and the net result showed a loss of about 15.9 million euros, though this loss was roughly one million euros smaller than the prior year’s figure.
Amidst these mixed results, strategic steps were taken to shore up finances. The company benefited from a capital increase totaling 123 million euros during the year, aimed at stabilizing the balance sheet. This operation was executed through a credit swap, signaling a proactive approach to restructuring liabilities and support ongoing operations (citation: Levantina Group financial disclosures).
Likewise, the management report notes a signed restructuring plan intended to service the debt fully in 2023 to ensure the continuity of operations and to enable continued investment. Techlam, a subsidiary focused on sintered stone production, expanded its footprint by acquiring the facilities of a Castellón-based tile producer, enabling a second factory to use this porcelain material (citation: Levantina Group restructuring overview).
The total debt backlog stood at 148 million euros, of which 47.5 million euros represented fresh financing. Previously, the holding reorganized its borrowings by splitting the group into two separate circles: one for Techlam and another for the rest of the businesses (citation: Levantina Group debt restructuring documents).
Restarting the business
In recent years, Levantina’s leadership has pursued several strategies to restart operations and rectify accounts. In 2020, the holding divided its activities into three entities—one dedicated to granite, one to marble, and a third for Techlam—an approach viewed as a major bet on future growth (citation: Levantina corporate actions).
Alongside organizational changes, the company has pushed forward with innovation. It has developed treatments designed to help stone resist pollution by capturing and neutralizing emissions such as sulfur oxides and carbon monoxide. A new premium natural stone collection dubbed Mediterranean Stone was launched, creating an exclusive catalog of sustainable marbles and limestones. This line emphasizes 100% recyclability and uses renewable energy and reused water in its production (citation: product and sustainability disclosures).
The internationalization strategy remains central, with foreign markets accounting for a substantial share of activity. In the most recent year, approximately two-thirds of sales occurred outside Spain, underscoring the group’s global footprint and growth potential (citation: Levantina annual report).