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<article id="post-39589" class="post-39589 post type-post status-publish format-standard has-post-thumbnail hentry category-economy"> <header class="entry-header"> <h1 class="entry-title">Mytilineos says net profit up 113% in Q1</h1>   </header> <div class="entry-content"> <p>Mytilineos on Thursday reported its best ever performance in a first quarter with net profit after minorities soaring 113% to 143 million euros, earnings per share jumping 109% to 1.04 euro and EBITDA rising 72% to 225 million euros, while turnover rose 30% to 1.358 billion euros. Net debt, on an adjusted basis, stood at 948 million euros.</p> <p>The strong prospects of Mytilineos and the significant improvement of its credit profile were also recognised by the international rating agencies such as Fitch, which recently upgraded the Company to “BB+”, just one notch away from the investment grade. Notably, despite high Q1 2023 CAPEX, adjusted Net Debt to EBITDA came in at 1.03x, a level which refers to Investment grade companies, a credit rating the company is aiming for.</p> <p>During Q1 2023, the economic environment remained highly volatile, with energy prices significantly decreasing but with the structural inflation remaining high, maintaining upward pressure on lending rates. Mytilineos said that its diversified business model, the significant synergies between the energy and metallurgy Sectors as well as its international character are the main drivers behind the company’s growth, against an unstable economic environment and the unprecedented volatility in energy prices over the last couple of years.</p> <p>The first quarter results follow the historically high performance of 2022, with the notable strengthening of the energy sector, which is emerging as the main factor of growth. At the same time, the Metallurgy Sector, despite the recent decline in aluminium prices, continues to outperform, maintaining high levels of profitability, supporting Mytilineos to maintain its growth trajectory by steadily incorporating higher levels of profitability.</p> <p>Compared to Q1 2022 figures on a consolidated basis: Turnover amounted to 1.358 billion euros compared to 1.042 billion in the first quarter of 2022, posting an increase of 30% despite the significant de-escalation in energy and metal prices. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 72% to 225 million, compared to 130 million in the corresponding period of 2022, benefited by the continuous internationalization of the company’s activities, resulting in a strong performance in both Energy and Metallurgy Sectors as well as a subsequent increase in profit margins.</p> <p>Mytilineos posted a record first quarter performance led by the Energy Sector. In particular, on top of the significant contribution of the M Renewables (RES in Greece and abroad), with profitability coming in ~50% higher compared to Q1 2022, the Energy Sector also benefited from the strengthening of Mytilineos’ presence in supply of both electricity and natural gas, within Greece as well as in the wider Balkans and SE Europe region. At the same time, Mytilineos’ presence in the domestic market is steadily strengthening, resulting in a total market share which today exceeds the 10% mark, with more than 500,000 customers, following the completion of the WATT+VOLT acquisition.</p> <p>The Metallurgy Sector achieved another stellar quarter, mainly due to the timely actions taken by the Company’s management, making full utilization of favorable LME prices and the € / $ exchange rates, while maintaining good cost control. The above, combined with the significant comparative advantages offered by the coexistence of the Energy and Metals Sectors, are reflected in the further improvement of the profit margin, maintaining Mytilineos among the most competitive aluminum and alumina producers globally.</p> <p>Regarding the construction activity, in accordance with the decisions of the Extraordinary General Meeting of the shareholders on April 10, 2023, the spin-off of the Infrastructure and Concessions branches are being completed and their contribution to the respective subsidiary companies, METKA ATE and M Concessions, is expected to gradually enhance Mytilineos’ financial performance.</p> <p>Finally, Net profit after taxes and minority interests, were significantly increased by 113% to 143 million euros, compared 67 million in Q1 2022. 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