Metlen Energy & Metals achieved a new all-time record net profitability, according to its financial results for the first half of 2024.

Net profit after minority interests was €282 million, compared to €268 million in H1 2023. Correspondingly, earnings per share were €2.04 compared to €1.94 in the same period of the previous year. 

Operating income was €2.482 billion, compared to €2.516 billion in H1 2023, despite the significant decline in electricity, energy, and gas prices throughout the half-year.

At the same time, earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to €474 million compared to €437 million in the same period last year, while operating margin increased by 169 basis points. 

Net debt on an adjusted basis stood at €1,774 million, excluding non-recourse borrowings. Despite the intensive investment programme in full swing, adjusted net debt/eBITDA stood at 1.76x, a level comparable to or better than the performance of companies within the investment grade.

According to the FITCH and S&P ratings, the company is one step away from achieving the target of achieving investment grade for the first time in its history. 

Commenting on the financial results, the company's president and CEO, Evangelos Mytilineos, said: "The strong financial performance in the first half of 2024 confirms METLEN's consolidation at the historically high size levels achieved after the 2022 corporate transformation. In a challenging year, in an environment of high interest rates and intense geopolitical instability, METLEN's business model, which has at its core the important synergies brought about by the coexistence of the Energy and Metals Divisions, demonstrates once again resilience and allows us to be optimistic about achieving the ambitious business targets we have set for the full year".