E. Mytilineos: 2022 will be more successful than 2021

Of Thanks to Floudopoulos

Confirmation of the forecast for doubling the profits in 2022 compared to 2020, at 260 million euros was made yesterday by the head of Mytilineos E. Mytilineos during the briefing of the analysts for the flashnote of the results of 2021.

As he said, the environment remains fluid, however, if there are no other events, the profitability is expected to double while the company executives are working to exceed this amount. According to him, 2022 is expected to be more successful than 2021.

Regarding the course of the share, Mr. Mytilineos stressed that the company has become the ideal combination of value stock and growth stock, a fact that is unusual and rare for global markets. He stressed that the share repurchase program is planned to continue.

At the same time, he said that Mytilineos enjoys high distinctions at the ESG level, noting, however, that there should be a common measurement framework worldwide as this will help businesses and investors.

Regarding the progress of the individual sectors, Mr. Mytilineos stated that Mytilineos invests in sustainable development projects such as energy from waste (Protos) projects but also in projects related to solid waste management through the subsidiary zeologic. As for the first part, the company has already proceeded to new ones amounting to half a billion euros.

In traditional projects and unit construction, the company now has unique know-how and has the necessary size to claim large projects. He estimated that gas demand during the green transition is expected to increase.

In this context, the gas infrastructure and especially the CCGTs will be the most important and the need for new investments is already recorded even in Western European countries.

In the field of RSD RES projects, Mr. Mytilineos stated that the activity of Mytilineos is divided into two parts: the projects that remain in the company’s portfolio and are located in Greece and Italy, while projects in the Balkans and projects that are available for sale when profit margins are good. So far, Mr. Mytilineos stressed, the sales have been very satisfactory.

In the field of Energy, the year, according to Mr. Mytilineos, was full of challenges while the future is predicted to have several upheavals. He reiterated that the green transition will be expensive and will last for several years. Only companies that can cope with the difficulties will survive and Mytilineos has shown that it can do it, he added.

In the field of metallurgy, the head of Mytilineos estimated that prices will remain high in the coming years. He added that despite the fact that due to the energy crisis many factories in Europe are closing, Mytilineos is moving prudently and invests significantly in the production of recycled aluminum. Finally, he stated that the final investment decision (FID) for the new alumina plant is very close.