Mytilineos' profits soar to US$ 168m in H2 2022 as renewable sales double

• Renewables programmer Mytilineos has seen its profits soar to EUR166 million (US$ 168.56 million) in H1 2022, with renewables sales nearly doubling.

Net profit more than increased with a 116% increase from H1 2021 when the Greek programmer's profit reached EUR77 million (US$ 78.5 million).

In a similar way, turnover as well as EBITDA reached EUR2,154 million and EUR293 million for H1 2022, specifically-- an increase of 117% and also 88% from H1 2021-- led by strong efficiency from all its organization units, with metallurgy along with power & gas presenting "traditionally" high performance.

Evangelos Mytilineos, chairman and chief executive officer at Mytilineos, said: "The H1 2022 monetary efficiency, reconfirms Mytilineos' ability to respond promptly as well as efficiently also under the most adverse economic conditions."

The company's renewables unit recorded a strong performance throughout H1 2022 as well, with a turnover of EUR229 million, nearly doubling the EUR118 million it recorded for the very same duration last year.

During the second quarter of the year, the business handled the sale of 2 projects in the UK for a capacity of 100MW, while in June it announced the growth of 750MW+ of solar PV in Chile as well as protecting a 10-year PPA with Enel Chile for the sale of 1.1 TWh/year.

The renewables & storage space growth (RSD) unit's build, operate as well as transfer department got to an existing capacity of 6.2 GW in various stages of development, of which 123MW are in operation as well as 665MW incomplete.

For the 2nd fifty percent of the year the business expects substantial arrangements for the sale of solar PV plants with overall capacity surpassing 450MW and driving RSD to "brand-new degrees of earnings, significantly higher than previous years."

At the same time service its stockpile of third-party engineering, procurement as well as building (EPC) contracts are advancing well in Spain, UK, Greece, Uzbekistan and also Chile, with acquired stockpile standing at EUR290 million and a further EUR161 million in final arrangement phase, the business said.

While "the financial atmosphere stays fairly volatile and filled with uncertainties", the company said it has actually currently set "the foundations for achieving traditionally high financial efficiency in 2022."