Mytilineos remained on a steady upward trajectory, despite the significant reduction in energy and metal prices recorded in the nine-month period of 2023.
According to a statement, turnover amounted to 4,088 million euros compared to 4,573 million in the corresponding period last year, down 11%, mainly due to the significant de-escalation of energy and metal prices.
However, Earnings before Taxes, Interest and Depreciation (EBITDA) jumped by 36%, to 723 million euros, compared to 533 million euros in the corresponding period of the previous year, benefiting from the steady increase in the profitability of the energy sector and especially the activity of RES.
Therefore, the profit margin in terms of EBITDA rose by 6 percentage points to 17.7%, as Mytilineos operates in sectors that offer strong profit margins, confirming – as emphasized by the company – “the robustness of its business model, which produces consistently high levels of profitability regardless of the level of energy prices.”
Net profits, after taxes and minority rights, amounted to 462 million euros, an increase of 48% compared to 312 million euros in the same period last year.
Highest quarterly performance in terms of profitability
In the third quarter of 2023, Mytilineos recorded its highest ever quarterly performance in terms of profitability, led by the energy sector, despite significantly lower energy and metals prices.
This was attributed to the recovery of power generation activity, helped by the contribution of the new H-CLASS 826MW unit in the summer period when demand was high.
