AMAG Austria posts record-breaking revenue and earnings for 2022, benefitting from attractive aluminium prices

AMAG Austria Metal AG, the biggest company in the Austrian Aluminium Industry sector, has achieved a record annual result for 2022, exceeding the previous year’s mark. The company’s 2022 revenue superseded the former year’s EUR 1,259.4 million by registering a growth of 37.1 per cent. In 2022, AMAG reportedly earned revenue of EUR 1,726.7 million despite restrained shipments at 442,000 tonnes compared to 442,300 tonnes in 2021.

The company’s net income after taxes also increased by 69.1 per cent Y-o-Y from EUR 64.6 million to EUR 109.3 million in 2022, a record figure until now. The revenue and net income growth could be attributed to higher global aluminium benchmark prices, premium levels, and consistent price adjustments due to higher energy and raw material costs. Personnel and plant capacities were optimally leveraged, and a high level of flexibility enabled a rapid response to fluctuations in demand over the year.

Gerald Mayer, CEO of AMAG, commented: “With our proven strategic focus on innovation and sustainability and with our expert team, we mastered the challenges over the past year and successfully leveraged the opportunities in the market. With revenue of more than EUR 1.7 billion and operating profit (EBITDA) of over EUR 247 million, new record figures in AMAG’s history were achieved.”

Earnings before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also mounted from EUR 186.2 million in 2021 to EUR 247.1 million in 2022, marking a growth of 32.7 per cent. This indicated the company benefitted from attractive aluminium prices and relatively favourable alumina costs.

Cash flow from operating activities grew significantly by 88.8 per cent from EUR 45.6 million to EUR 86.1 million, attributed to high productivity in the casting and rolling divisions. A higher amount was spent on investment in the 2022 financial year. A total of EUR 74.9 million was invested in 2022 compared to EUR 69.8 million in the previous year, as a result, a free cash flow of EUR 11,1 million was generated (2021: EUR -24,2 million).

Gerald Mayer concluded the financial report by saying, “After an outstanding year overall, 2022 has seen a growth slowdown in some industries since the fourth quarter of 2022. Our broad portfolio, comprising over 5,000 products, and our flexibility in production, will continue to enable us to meet challenges in the future.”