BUSINESS

Mytilineos weathers the storm in H1

CHRYSSA LIAGGOU

TAGS: Business

The Athens-listed Mytilineos group recorded strong results in the first half of the year despite the pressure it had suffered in the weak economic environment due to the pandemic.

Its energy arm contributed 47.9% of the group’s overall turnover, while the metallurgy domain showed some remarkable resilience, helping Mytilineos post a positive record in January-June.

In comparison with the second half of 2019, earnings before interest, tax depreciation and amortization (EBITDA) registered a 5.2% expansion to reach 145.1 million euros, against €137.9 in July-December 2019. Net profits rose 9.5% to €69.3 million.

On an annual basis, Mytilineos’ turnover reached €926.7 million, against €990.8 million in H1 of 2019 – i.e a 6.5% yearly decline. EBITDA decreased 17.2% and net profits eased 15.1% year-on-year.

The group’s head Evangelos Mytilineos stated that the group relied on its structural, strategic advantages to efficiently absorb the shockwaves from the crisis as well as creating the conditions for growth and better performance in the future. These advantages are the group’s synergies – controlling and reducing costs, maintaining liquidity and measures to contain the pandemic’s impact – he said.

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