Mytileneos: Greece remains with an eye on the London Stock Exchange | News about the Economy

It wasn’t just by chance that extroverted development policy of Mytilene in recent years, building a Greek multinational company with presence in over 40 countries and a portfolio 280 international projects.

Yesterday’s announcement of the listed industrial and energy company that it is launching its introduction to London Stock Exchange within the next 1 to 1.5 years was no surprise. Preparations have long been underway so that the positive economic situation, combined with the stabilization of economic figures, at ever-increasing rates, will open the wings of Mytileneos in one of the largest stock markets in the world.

Entry into the FTSE 100 will have multiple benefits for the company as it will significantly increase the marketability of the stock and support investments that will strengthen its presence in the international market.

He remains in Greece

The company announced yesterday that the exit to an international stock exchange it does not change its policy on Greece. Mytileneos is committed to further international development, making use of its consolidated and geographically diversified presence and always relying on its Greek heritage, ingenuity and entrepreneurial spirit, in the context of a strong corporate governance environment, the listed company hastened to declare yesterday.

Regardless of the outcome of this strategic assessment, he points out that remains committed to its contribution to the Greek economy and societywith significant and robust activities in Greece, the generation of tax revenues and with the expectation of maintaining its presence on the Athens Stock Exchange, where it has been listed since 1995.

In Greece there are not many industries and energy groups that have done so dual listing. What is certain, however, is that Mytileneos will be one of them, giving significant value to all stakeholders and being the country’s best ambassador abroad with profitable growth and continuous high rates in all areas of its activities.

Strong group

Mytileneos now constitutes the biggest utility in GREECE after PPC, with activity in the field of thermal energy and a dynamic portfolio of Renewable Energy Sources of global reach approaching 14 GW, of which mature projects reach 4.9 GW.

In this area the company has developed one storm strategy of international alliances in the last year, which began in Canada with the acquisition of 5 photovoltaics in Alberta with a capacity of 1.4 GW and culminated in the agreement with General Electric Vernova, for the construction for 1 billion pounds of the first undersea high transmission power interconnection on the east coast of United Kingdom.

It is noteworthy that at the beginning of the year, the company completed ten years of active presence in London, with a total of 82 EPC (study-build and operation) contracts, more than 220 employees and subcontractors as well as large contracts with international organizations and companies.

In the industrial sector, Mytileneos has developed a fully vertically integrated alumina and aluminum production unit, which is planned to be expanded with the development of other critical raw materials such as nickel, cobalt and lithium. Recently the company announced that it intends to invest 350 million euros for the production of bauxite, gallium and aluminum. Recently, Mytileneos has also been involved in rumored entry into both refining and upstream via 1% stake in Helleniq Energy from the private placement that took place at the end of the previous year. Although the information speaks of a personal investment by Mr. Evangelos Mytilinaios in the company, however, this does not detract from the strategy that the energy entrepreneur seems to be developing.

Quarter results

Following the high growth rates and having consistently and repeatedly exceeded its medium-term and strategic goals, the group announced yesterday increase in profits and in the first quarter of 2024 with net profit of 158 million euros, up 10% year-on-year and above its estimate of 148 million euros. The group’s EBITDA amounted to 252 million euros compared to 225 million euros in the corresponding period of 2023 (+12% on an annual basis) and above its forecast (236 million euros).

The overhang was mainly due to the energy sector, which contributed EBITDA of 184 million euros against its estimate (€168 million), due to the strong momentum of M Renewables (asset turnover), as well as the contribution of the new CCGT power plant. Net debt, on an adjusted basis, was €1.59bn (excluding non-recourse debt of €0.6bn) with adjusted net debt to EBITDA at around 1.6x.

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