BUSINESS

Mytilineos takes flight in Jan-Sept

mytilineos-takes-flight-in-jan-sept

Athens-listed Mytilineos is hitting historic highs this year in terms of turnover and profits while accelerating the implementation of its investment program to prepare for its transition to even higher fundamentals in the coming years, in line with its ambitious environmental targets.

The nine-month results it released on Tuesday reflect its increased performance in mining, sustainable development projects and in renewable energy sources and energy storage; this has offset the reduced performance in the electrical energy and natural gas sector.

Turnover in January-September 2021 amounted to almost 1.7 billion euros, up 27% from the same period last year. Earnings before interest, tax, depreciation and amortization (EBITDA) came to €241.2 million, up from €234.5 million in January-September 2020. Net profits, after tax and minority rights, came to €115.2 million in the year to end-September, an increase of 13% from €101.8 million last year.

Excluding one-off factors, the adjusted increase of the EBITDA amounted to 23% on an annual basis, while the adjusted rise of net profits came to 55% over the first nine months of the year.