Mytilineos Group, a leading independent energy producer in Greece, has posted an increased net profit figure for the first half of 2014, up by 71% compared to the equivalent period last year. Also, the corporation’s first-half EBITDA (Earnings before interest, taxes, depreciation, and amortization) figure rose by 12%, the group announced.
The group’s first-half results for 2014 also showed a significant increase in cash flow, as well as a rapid de-escalation of its net debt level, which fell to 345.9 million euro from 509.7 million euro at the end of 2013.
The first-half total turnover at the Mytilineos Group reached 653 million euro from 730.8 million euro in the first half of 2013.
The corporate group’s increased EBITDA figure, by 12%, was attributed to its improved performance in the metallurgy and EPC (Engineering-Procurement-Construction) domains. As a result, the group’s first-half EBITDA figure reached 120.3 million euro from 107.7 million euro during the equivalent period last year.
The group’s net profit figure, after taxes and minority shareholder rights, up by 71% for the first half of 2014, reached 24.1 million euro from 14.1 million euro.
The corporate group’s EPC division maintained its positive run, making it the greatest contributor to the group’s financial performance.
Group member METKA, a leading international EPC contractor and industrial manufacturing group active within the energy, infrastructure and defense sectors, posted a total turnover figure of 361.9 million euro for the first half of 2014 from 289.9 million euro during the equivalent period last year, a 25% increase. The firm’s EBITDA figure rose to 57.7 million euro in the first half of 2014 from 45.3 million euro in last year’s first half.
In the first half of 2014, METKA successfully continued its development of deals struck abroad, overcoming unstable conditions prompted by markets in the Middle East. METKA’s corporate strategy for the coming period includes entering new foreign markets with increased energy needs, as well as expanding its project portfolio in Greece.
The Mytilineos Group’s energy division posted a total turnover figure of 90 million euro in the first half of 2014 from 219.7 million euro during the same period in 2013. This decline was attributed to a decrease in demand as well as market revisions.
The energy division’s first-half EBITDA figure reached 42.4 million euro from 48.6 million euro in the first half of 2013. In the upcoming period, the Mytilineos Group will strive for a dynamic retail market presence of corporate member Protergia, as well as a continuation of investments in renewable energy sources, in anticipation of the gradual completion of the energy market’s liberalization.