Net profit after minorities amounted to €615 million, slightly lower than the €623 million reported in 2023. Earnings per Share (EPS) were €4.46, down from €4.51 in the previous year.
The company has proposed a dividend of €1.50 per share. It is important to note that the final dividend will be adjusted upwards, taking into account treasury shares on the ex-dividend date.
Adjusted net debt stood at €1,776 million, excluding non-recourse debt and related cash. Despite an ongoing intensive capital expenditure (CAPEX) program, the adjusted Net Debt to EBITDA ratio remained at 7x, in line with METLEN’s established financial policies.
In addition, the company has secured a groundbreaking 11-year agreement with Rio Tinto, which is expected to bring significant benefits. This agreement will enhance bauxite supply security and ensure profitability from an additional 400,000 tons of alumina annually, under competitive terms with one of the largest players in the global sector.
Commenting on the Financial Results, the Chairman and CEO of the Company, Evangelos Mytilineos stated:
“We take great pride in our 2024 strong financial performance as it affirms METLEN’s establishment at historically high levels. This confirms that the remarkable growth in our performance of the last few years was not a temporary phenomenon, but simply the warming up of much bigger things to come. Our new flagship industrial investment in Bauxite, Alumina and Gallium production announced at the beginning of this year, is only the beginning of the third transformative phase, code-named Big 3, which, with the experience of our two transformations since 2017, the massive financial firepower and our realistic but ambitious plans has the goal of doubling the size of the business before 2028, and place us among the elite of big European companies. Always keeping an eye on our financial discipline and with our usual vision and foresight, we remain committed and dedicated to our continuous value creation for our people everywhere in the world, our upstream and downstream partners, our shareholders and ultimately the society as a whole. 2024 was a landmark year for us where we completed our second major transformation which is now clearly reflected in our performance. Our continued international expansion and consolidation in top markets, combined with our Company’s rebranding, heralds a new era for METLEN defined by strategic foresight and operational excellence. Over the past year, we have achieved significant milestones, securing major agreements, completing acquisitions, and further strengthening our position in the Energy and Metals sectors.”
