Greek industrial conglomerate Mytilineos SA has announced a remarkable 56% year-on-year increase in EBITDA for its Energy & Metals division, which encompasses its thriving renewables energy business, over the first nine months of 2023.
The division achieved earnings before interest, tax, depreciation, and amortization (EBITDA) amounting to EUR 532 million (USD 561.2 million), signifying a substantial surge in its margin, which rose from 9% a year ago to an impressive 16.1%. As per the company's latest financial report, the energy unit contributed significantly, accounting for 73.6% of the group's total EBITDA, which stood at EUR 723 million.
Despite a slight dip of 13% in revenue over the first nine months in the energy segment, with total revenues reaching EUR 3.3 billion, this segment remained the dominant driver, representing a substantial 81% of Mytilineos' overall turnover for the January-September period.
Mytilineos Energy & Metals operates across multiple facets, including renewables, energy generation and management, energy services, power supply, and trading solutions. The unit currently oversees 626 MW of renewable power plants in operation, generating 725 gigawatt-hours (GWh) of electricity during the reporting period.
The Greek firm boasts a formidable renewables portfolio, encompassing 13.7 gigawatts (GW), inclusive of 1.6 GW of plants currently under construction, 2.6 GW of projects in advanced development stages with shovel-ready status, and an additional 8.9 GW of schemes in the early development phases.
