Mytilineos on Thursday said its net profit and turnover more than doubled in the first six months of 2022 and predicted that full-year results will be even better. More specifically, net profit after minorities came in at 166 million euros, a 116% increase compared with the corresponding period in 2021. Thus, Earnings per Share stood at 1.221 euro, an increase of 116% compared to the corresponding period of the previous year.
Turnover increased by 117% to 2,154 million euros, compared to € 994 million in H1 2021. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) reached 293 million, 88% higher against € 156 million in H1 2021. Net Debt came in at 945 million, with leverage ratio falling below 2.0x at a time of significant growth capital spending (CAPEX exceeded € 280 million in H1 2022 alone), laying a solid foundation of long-term growth for the company, while at the same time providing significant support to the Greek economy.
Commenting on the Financial Results, Company’s Chairman and Chief Executive Officer, Evangelos Mytilineos said: “ Today, across Europe, governments, businesses and households are facing an unprecedented energy crisis, the broader consequences of the prolonged Ukrainian conflict as well as the ongoing global pandemic, combined with the strongest inflationary pressures recorded since the 1970s, the side effects of which are visible in all aspects of economic activity.
MYTILINEOS, having realised the above-mentioned challenges, has responded on time by taking appropriate and targeted measures, focusing in particular on the energy cost as well as the security of supply. Thus, managing not only to remain unaffected but also to record new historically high performance, while accelerating, at the same time, the implementation of the largest investment programme in its history.
The H1 2022 financial performance, reconfirms MYTILINEOS’ ability to respond promptly and successfully even under the most adverse economic conditions. Despite current uncertain environment, the result of prevailing geopolitical tensions, MYTILINEOS’ financial performance is expected to strengthen significantly in the coming quarters, with new investments, such as the new 826MW CCGT plant, the increase of the Aluminium production capacity as well as significant RES investments gradually entering the completion stage, while MYTILINEOS further enhances its international presence in energy and metals. At the same time, key agreements for the sale of Solar PV parks as part of the RSD global portfolio, are expected to be concluded soon, driving profitability to much higher levels, when compared with previous years. Finally, strong cash flow generation facilitates further turnover increase, along with the funding requirements relating to ongoing investments, while maintaining key leverage metrics strictly-controlled”.
SOURCE; ANA-MPA
