ECONOMY

Mytilineos sees Q1 profits soar

Mytilineos sees Q1 profits soar

Mytilineos on Wednesday announced an 80% increase in net profit after minorities to 67 million euros in the first quarter of 2022, compared to €37 million in the same period in 2021, and said that earnings per share came in at €0.498, an increase of 83% on the corresponding quarter of the previous year.

Turnover increased by 99% to €1.042 billion, compared to €524 million in Q1 2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased to €130 million, compared to €81 million in the corresponding period of 2021, while net debt stood at €914 million in a period with high capital expenditure, during which major investments were either near completion or in full swing.

Following a record 2021 performance, Mytilineos is on a strong growth trajectory, responding successfully to a number of challenges related to increasing inflationary pressures, the energy crisis, rising interest rates, supply chain disruptions, the evolution of the pandemic and apparently the recent geopolitical tensions associated with Ukraine.