Half Year 2024 Metlen Energy & Metals AE Earnings Call Transcript
Key Points
- Metlen Energy & Metals SA (MYTHF) reported a 5% year-on-year increase in earnings per share, exceeding EUR2.
- Net profitability rose by 5% to EUR282 million, and EBITDA increased by 8% to EUR474 million.
- The company's liquidity improved significantly, with current liquidity at EUR2.6 billion, up 15% year-on-year.
- The company has a strong outlook for the second half of 2024, expecting stronger performance across most subsegments.
- Metlen Energy & Metals SA (MYTHF) is confident in achieving its 2024 EBITDA target range of EUR1 billion to EUR1.2 billion and net earnings of EUR600 million to EUR700 million.
- The company faced challenges due to low power prices in Greece and the impact of energy price fluctuations.
- Gas trading performance was notably poor in the first half, with only slight improvement expected in the second half.
- The Greek government's tax on energy generation profits could impact profitability despite a strong July.
- Natural gas prices remain unpredictable, posing a risk to future profitability.
- Achieving a 30% market share in the Greek electricity supply is seen as a challenging and difficult task.
Ladies and gentlemen, thank you for standing by. I'm Konstantinos, your Chorus Call operator. Welcome, and thank you for joining the Metlen Energy & Metals financial results conference call to present and discuss the Metlen Group first-half 2024 financial results.
At this time, I would like to turn the conference over to Mr. Evangelos Mytilineos, Chairman of the Board of Directors and Chief Executive Officer; and other senior executives. Mr. Mytilineos, you may now proceed.
Thank you very much. Welcome to all friends and analysts from Greece and overseas. We are here this evening to discuss the financial results of the first half of 2024. We had a relatively good first half. I think our shareholders are pleased with the results.
Our earnings per share exceeded EUR2, which is up 5% year on year; net profitability at EUR282 million, also 5% up. EBITDA is EUR474 million, up 8%. Current liquidity of the company is at EUR2.6 billion, which is 15% up year on year. And the
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