Greece's Metlen posts record profit on metals and renewables strength (updated)

Metlen Energy & Metals SA

20/02/2025 08:24

(Adds details on the metals sector in paragraphs 3-4,
background in paragraphs 5-6, details on the renewables sector
in paragraph 7, dividend in paragraph 8)
       Feb 20 (Reuters) - Greek energy and metals group Metlen
 MYTr.AT  on Thursday reported its highest ever full-year core
profit, driven by  record earnings at its Metals division as
well as a strong performance in renewable energy sources (RES).
    Earnings before interest, taxes, depreciation and
amortisation (EBITDA) rose to 1.08 billion euros ($1.13 billion)
in 2024 from 1.01 billion the previous year. 
    The record profitability of the Metals sector was partly due
to the strengthening of aluminum premia and alumina price, and
also the group's ability to secure favorable London Metal
Exchange prices, Metlen said.
    It said that starting from 2027-28, it plans to boost its
bauxite production by more than 65%, nearly double its alumina
sales to third parties and enter the gallium market, which will
increase profits and enhance the quality of its Metals segment's
earnings. 
    The group announced in January an additional 300 million
euros investment aimed at extracting critical mineral gallium
from the raw materials to make aluminium.
    China has imposed restrictions on the exports of gallium,
which is used in high-quality semiconductors and smartphones. 
    The group's renewable energy business, M Renewables, also
saw an increase in profitability of around 45% in 2024 compared
to 2023, while its power production from renewable sources
increased 40% to 1.6 TWhs with significant contributions from
both Greek and international projects, it added. 
     Metlen, formerly known as Mytilineos, will propose a
dividend of 1.5 euro per share. 
    
    
($1 = 0.9587 euros)

 (Reporting by Antonis Pothitos; Editing by Kirsten Donovan and
Shri Navaratnam)
 ((antonis.pothitos@thomsonreuters.com; +48 58 769 65 78;))