George Mylonas may see the share of Alumil, which has been active for four decades in the aluminum sector, remaining trapped below the psychological limit of 100 million euros in terms of stock market valuation (-8% in 2024), but it is highly likely that he will soon see the game changing.
2023 was undoubtedly a bad year, as there was a big drop in profitability (85% drop in net profits and 43% drop in EBITDA, despite an increase in sales volume), due to the sharp decline in the price of the raw material, i.e. aluminum, which also negatively affected sales prices.
However, this trend appears to have already reversed, with Mylonas management expecting a noticeable recovery in volumes within 2024 (H1 results will be published on September 30).
Aluminum contracts on international commodity markets have strengthened by almost +15% this year, while at the same time Alumil’s sales volume continues to rise.
Meanwhile, a series of investments is underway, with the aim of improving the production process. In August, the CEO and main shareholder saw the Recovery Fund approve the disbursement of 15 million euros.
All this may lead to a record year in terms of turnover, as already in the first quarter an increase of +15% was recorded, with the turnover in Greece doubling compared to the corresponding period of 2023.
