METLEN announces historical record net profitability in the first half of the year

METLEN announced historical record net profitability in the first half of the year.

Commenting on the financial results, the company’s president and CEO, Evangelos Mytilineos, said:

“The strong financial performance in the first half of 2024 confirms the consolidation of METLEN in the historically high levels it has achieved since the corporate transformation of 2022,” the company said in a statement.

More specifically, it announced:

– Turnover at 2,482 million euros in the first half of 2024, compared to 2,516 million euros in the same period last year, despite a significant reduction in electricity and natural gas prices throughout the semester.

– Earnings before taxes, interest and depreciation (EBITDA) increased by 8% to 474 million euros compared to 437 million euros in the corresponding period of the previous year. The increase is due to the consistently strong performance of the Metals Sector as well as the continued upward trend in the profitability of the Energy Sector and specifically the activity of Renewable Energy Sources (RES), which contributed approximately 1/3 of the Company’s total EBITDA.

– Net profits, after taxes and minority rights, which amounted to 282 million euros, increased by 5% compared to 268 million euros in the corresponding half of 2023.

“Regarding the outlook for the rest of the year, METLEN’s financial performance is expected to strengthen even more in the second half of 2024, led by the Energy Sector. The above will result in new, significantly higher levels of profitability, while the positive financial data allow the realization of all these investments and the further strengthening of the turnover with absolute control over the key leverage ratios,” the company said.