Mytilineos turnover grows 17% in January-June
Athens-listed Mytilineos on Thursday announced a 17% increase in its first half turnover to 2.516 billion euros, from €2.154 billion in the same period last year.
The company also said its EBITDA rose 9% to €438 million, its net profit after minorities jumped 61% to €268 million and earnings per share soared 59% to €1.94.
Net debt, on an adjusted basis, came in at €1.019 billion, excluding €220 million of non-recourse debt.
Following the most recent upgrade of Mytilineos by Fitch to BB+, the company is now just one notch away from achieving investment grade, for the first time in its history.
It successfully issued a seven-year bond of €500 million with an interest rate of 0% and significant oversubscription, as the total amount offered exceeded €1 billion.
This issue was the first for the Greek market in 2023, while it achieved the highest historical participation by private investors, to whom 91% of the issue was allocated.
Following this issuance Mytilineos has further enhanced its available liquidity, ensuring the uninterrupted implementation of its investment plan.
Commenting on the financial results, Chairman and CEO Evangelos Mytilineos stated: “The strong financial performance of the first half of 2023 confirms, once again, the resilience of Mytilineos’ business model in the face of constantly changing market conditions, the unprecedented volatility over the past two years, as well as the most severe inflationary pressures recorded in recent years.”
