MYTILINEOS reports a 169% increase in turnover for the first nine months of 2022
MYTILINEOS reports a 169% increase in turnover for the first nine months of 2022
  Listed  |  Economy

MYTILINEOS reports a 169% increase in turnover for the first nine months of 2022

Net Profit after minorities came in at €312 million, a 171% increase vs. €115 million for the nine months of 2021.
RE+D magazine
25.10.2022

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) reached €533 million, 121% higher compared to €241 million in the corresponding period of the previous year.

Turnover was increased by 169% to €4,573 million, compared to €1,698 million in the first nine months of 2021.

Net Profit after minorities came in at €312 million, a 171% increase vs. €115 million for the nine months of 2021. Thus, Earnings per Share stood at €2.618, an increase of 151% compared to the corresponding period of the previous year.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) reached €533 million, 121% higher compared to €241 million in the corresponding period of the previous year.

Net Debt came in at €1,398 million, with leverage ratio standing at 2.1x at the end of 9M 2022, while significant de-escalation is expected towards the end of the year. Strong cash flow generation allows MYTILINEOS to maintain low levels of leverage during a period with a) remarkable capital expenditure, which for the nine months of 2022, came in at €442 million as well as b) noteworthy working capital needs due to increased turnover. Nevertheless, high liquidity has been maintained, with cash at hand at 684 million (vs 650 million in H1 2022).

Following a strong 2021 financial performance, MYTILINEOS in the first nine months of 2022, responding successfully to a series of challenges related to the broader consequences of the prolonged Ukrainian conflict, the energy crisis, the strongest inflationary pressures recorded since the 1970s, as well as the rise of the interest rates, consistently records strong performance, benefiting from its diversified portfolio as well as the ever-increasing internationalization of its business activity.

MYTILINEOS’ robust comparative advantages, the significant synergies arising between individual activities, the Company’s global presence, as well as Management’s timely proactive actions, are the key drivers behind MYTILINEOS’ dynamic development, within a weak and higly volatile global economic environment.