MYTILINEOS S.A. completes 2022 with a record-high net profit of €466 million

On Thursday, January 26, MYTILINEOS S.A., a leader in the metallurgy industry with vertically integrated bauxite, alumina, and primary and recycled aluminium production, announced the full-year financial results for 2022, revealing a record net profit (after taxes and minority interest) of €466 million versus €162 million in 2021. Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) surged by 130 per cent year-on-year from €359 million to €823 million.

As per the financial report published by the company, it generated an annual turnover of €6,306 million, up by 137 per cent from €2,664 million in 2021. The recommended dividend was €1.20 per share, up 176 per cent from a year ago.

The key takeaway from the report is MYTILINEOS’ net debt position and its reduction to €716 million in 2022 from €803 million at the end of 2021, with the leverage ratio improved significantly. The de-escalation of the net debt position is remarkable, given the investments exceeded €700 million, a new record-high.

MYTILINEOS’ Chairman and Chief Executive Officer, Evangelos Mytilineos, said: "2022 was a milestone year for MYTILINEOS, not only due to the Company's historically high performance against a negative international environment, but above all because it was the year of transition to a new era through its corporate transformation into MYTILINEOS Energy & Metals.”

Mr Mytilineos also noted that the company faced several challenges in the year gone by due to the energy crisis, rapid rise in energy costs, and the lengthy geo-political conflict between Ukraine and Russia. But still it completed the year with a record-high financial result and also paved the way for higher profitability in the coming period.