ECONOMY

Mytilineos continues on its profits course

mytilineos-continues-on-its-profits-course

Athens-listed Mytilineos SA said on Thursday its 2020 operating profits remained unchanged at 2019 levels, despite the pandemic.

The Greek group said operating income (EBITDA) reached 315 million euros, remaining stable compared to 2019. Net profit after minority interests amounted to €129 million, with the annualized earnings per share (annualized EPS) remaining at levels approaching 1.

Net debt came to €538 million, keeping the leverage ratio (net debt/EBITDA) below 2 – i.e. at 1.71 – despite significant investments, dividend payments and the repurchase of 6.14 million shares (4.3% of the total).

The proposed dividend per share (DPS) was €0.36 (adjusted for own shares), corresponding to 41% of net profits compared to 35.5% in 2019.

Commenting on the results, the chairman and chief executive officer, Evangelos Mytilineos, said that 2020 “was undoubtedly a year marked by unprecedented global challenges. Especially for the Greek economy, which had started to recover from a 10-year recession, and is yet again called to face a new economic downturn. In this context, the strong financial results which are announced today certify, in the clearest way, that based on Mytilineos’ strategic advantages and the tireless effort of our people, we effectively managed to absorb the turbulence of the Covid-19 pandemic, maintaining last year’s operating profitability levels (which I had set as a goal early in 2020), while also remaining on a steady growth path. In addition, in 2020 we accelerated Mytilineos’ restructuring, which through the newly established business units, focuses on the goals of energy transition and sustainability.”

During 2020, closely following the domestic and international developments, Mytilineos took timely and effective measures, prioritizing the health and safety of its employees. The company responded promptly with flexibility and determination for the successful transition to remote working, ensuring the smooth continuation of operations of all business units, as well as minimizing the financial impact of the pandemic.

The group said in a statement that the start of 2021 finds Mytilineos in a strong position. The Power & Gas Business Unit, based on its competitive advantages, aims to maintain its profit margins, while targeting increased market shares. The Metallurgy Business Unit benefits particularly from stable raw material costs.