Skaramangas Shipyards, one of Greece’s largest shipbuilding and repair facilities, returned to profitability in 2025 as revenue more than doubled, marking a significant turnaround for the company owned by Greek shipping magnate George Prokopiou.
Revenue climbed 135.7% to €26.02 million, from €11.04 million in 2024, driven by increased maintenance and repair work on commercial vessels and yachts, alongside contracts with the Greek Navy.
The shipyard reported pretax profit of €2.2 million, while gross profit surged to €6.38 million from just €606,600 a year earlier. Its gross profit margin widened to 24.54% from approximately 5.5%, reflecting improved operating efficiency.
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The recovery has also translated into stronger employment. The shipyard increased its workforce to 175 employees in 2025 from 129 at the end of 2024, a 35.7% increase. Employment has since risen to 202.
Management attributed the hiring to growing repair activity, increased contractor supervision and expanded quality-control operations.
The turnaround comes as Greece seeks to strengthen its domestic shipbuilding industry and expand the role of local facilities in naval defense programs.
New military contracts are expected to provide an additional boost.
During 2026, Skaramangas signed a €19 million agreement covering upgrades to the combat systems of the Greek Navy’s MEKO-class frigates. The company also secured an additional €1.3 million in contracts for repairs to the Papanikolis submarine.
Together, the agreements represent €20.3 million in contracted revenue, equivalent to approximately 78% of the shipyard’s entire 2025 turnover.
The defense contracts provide a potentially important source of business alongside commercial ship repairs, which remain central to the company’s operations.
According to its management report, more than 130 Greek-owned and foreign-owned vessels of various types have visited Skaramangas for maintenance or repairs since the facility resumed operations.
The expansion has also increased the company's financial obligations. Total liabilities rose to €11.13 million from €3.5 million in 2024, while trade receivables increased to €1.13 million from approximately €400,000.
