Alumil maintained its growth trajectory in 2023, despite global challenges and the volatile international economic environment, as noted in a relevant announcement. In particular, the Group achieved a remarkable sales volume growth of 7% in 2023, thus continuing the growth of 2022 at an unabated pace.

At the same time, turnover grew at a lower rate of 0.5%, due to the rapid decline in the price of the aluminium raw material on the metal exchange (LME), dragging down selling prices as a consequence. The group's sales growth in Q1 2024 is close to 15%.

Similarly, turnover for Greece is growing at double the rate of the corresponding period in 2023, the listed company notes. At the same time, Alumil stresses, in order to support the ever-increasing international demand for its products, the company has launched and is implementing a series of major investments, among which stand out: the new state-of-the-art vertical dyeing plant with artificial intelligence technology (opening in July 2024), the purchase of a 35,000-square-meter land plot and a 6,000-square-meter building, adjacent to which a new facility will be built to house a robotic warehouse with an initial capacity of 4,000 spaces, in addition to the 15,500 storage spaces operating in the 33,000-square-meter adjacent logistics centre in Kilkis (October 2024).

Also the purchase of an automatic combined packaging line (September 2024), the installation of a new extrusion line (1,350 MT) with artificial intelligence technology (June 2024), as well as the investment in new technology air compressors for the extrusion, dyeing, foundry and anodizing units. An important "ally" of Alumil in its investment strategy for this year is the €15 million funding from the Recovery & Resilience Mechanism, for which final approval is expected soon.

"2023 has been a challenging year at all levels. In a difficult and volatile economic environment, with new crises worldwide, we managed to rise to the occasion and adapt accordingly, recording significant successes. The 7% increase in our sales in volume terms compared to a peak year, as was the case in 2022, and with a declining European market, is a very important and encouraging element, which shows that our company is strengthening its presence and constitutes a key player on a global scale", said the Group's Chairman and CEO, Mr. George Mylonas, commenting on the 2023 financial performance, adding: "We are continuing our plan unabated, implementing investments that increase our production capacity and productivity, and contribute to maximum automation and further digital transformation of the Group. With our sustainable growth strategy at the core, we are moving forward in the new year, pioneering and breaking new ground in the aluminium industry and in business in general."

2023 IN NUMBERS

In 2023, the Group and the Company reported an increase in sales volume compared to 2022. Specifically, at the Group level, the development of financial figures was as follows:

-Group turnover increased by 0.5 % to €404.6 million compared to €402.5 million in 2022.

-Gross profit amounted to €91,1 million compared with €104,9 million in 2022, a decrease of 13.2%.

-Profit before tax amounted to €6.5 million compared to a profit of €34.6 million in 2022, down 81.2%.

Similarly, profit after tax amounted to €4,1 million compared with a profit of €27,7 million in 2022, down by 85.2 %.

Operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to €32.2 million compared to €56.5 million in 2022, down 43.0%.

At the Company level, the development of the financial figures in 2023 was as follows:

-The company's turnover decreased by 7.7 % to €238.9 million compared to €258.7 million in 2022.

-Gross profit amounted to €32.7 million compared to €47 million in the same period of the previous year, a decrease of 30.4 %. Profit before tax reached €0,5 million compared with €19,6 million in 2022, a decrease of 97.4%.

Similarly, profit after tax amounted to €0,5 million compared with €15,6 million in 2022, a decrease of 96.8%.

Operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to €14.2 million compared to €30.4 million in 2022, a decrease of 53.3 %.

The reduced profitability in 2023, despite the recorded sales increase, is due to the continued decline in the price of the aluminium raw material throughout 2023, the extraordinary but large currency translation differences from their foreign subsidiaries, the large increase in interest rates, as well as increased provisions. However, given the dynamic and intensifying sales growth, a gradual recovery in profitability is considered to be predictable. It is already happening in the first quarter of the current financial year, the Alumil statement concludes.