Record-High Financial Performance of METLEN Energy & Metals
New Record-high EBITDA
Consistently strong Turnover and Net Profit levels
METLEN (RIC: MYTr.AT) (Bloomberg: MYTIL.GA) (ADR: MYTHY US) has shared its remarkable financial results for 2024. The company's growth story is deeply rooted in its robust performance across its energy and metals sectors.
Financial Highlights of 2024
Turnover surged to €5,683 million, compared to €5,492 million in 2023. This impressive growth of 3% occurred despite the significant de-escalation of energy prices. METLEN's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) witnessed a notable increase of 7%, reaching an all-time high of €1,080 million from €1,014 million in the previous year.
Additionally, the net profit after minorities was €615 million, down slightly from €623 million in 2023, while Earnings per Share (EPS) decreased marginally to €4.46 from €4.51. The company has recommended a dividend of €1.50 per share, expected to be adjusted upward considering treasury shares on the ex-dividend date.
Strategic Growth and Long-Term Vision
In commenting on the impressive results, Evangelos Mytilineos, Chairman and CEO, expressed pride in the strong financial performance. He emphasized that METLEN's achievements are not fleeting but rather the groundwork for much greater accomplishments ahead.
The announcement of a flagship industrial investment in bauxite, alumina, and gallium production marks the beginning of a transformative phase for METLEN, known as Big 3. This ambitious venture aims to double the business size by 2028 and elevate its status among Europe's elite companies.
Operational Updates Across Business Units
In terms of business units, the company’s energy sector reported turnover of €4,572 million, representing 81% of its total turnover. Despite natural gas prices being lower than the previous year, EBITDA slightly decreased to €753 million, down 2% from €766 million. The sector continues to excel, buoyed by its integrated approach and strong market presence.
On the metals side, the sector generated revenues of €857 million despite an overall decrease. The EBITDA, however, soared by nearly 20% to reach €297 million, driven by favorable aluminum and alumina pricing. The new 3M LME price for aluminum increased to $2,456/t, up from $2,287/t in 2023.
Investment in Sustainable Initiatives
Looking ahead, METLEN is ambitiously navigating the energy transition. The strategy emphasizes sustainability and innovation while capitalizing on synergies between energy and metals production. Its pipeline includes construction and developmental projects that utilize advanced technologies to boost efficiency.
Future Outlook
The company anticipates a volatile global economic environment in 2025, marked by geopolitical instability. However, the solid performance in 2024 provides a crucial foundation for METLEN to continue pursuing its objectives and strategic goals.
The upcoming years will see intensified efforts in digital transformation, with a detailed plan to enhance business resilience and operational efficiency, including a €30 million investment slated for 2024.
Frequently Asked Questions
What were METLEN's recent financial highlights for 2024?
The financial highlights include a turnover of €5,683 million and an EBITDA of €1,080 million, indicating strong growth.
How did net profit change from the previous year?
Net profit after minorities was €615 million, down slightly from €623 million in 2023.
What is METLEN's strategy for future growth?
METLEN plans to expand its size by doubling its business through strategic investments and a focus on innovation.
What investments is METLEN making in sustainability?
The company is investing heavily in renewable energy and technology to enhance efficiency and reduce environmental impact.
What does METLEN's outlook for 2025 look like?
Despite potential challenges, METLEN is optimistic thanks to its solid foundation established in 2024, focusing on continued growth and adaptation.
