By Haris Fludopoulos
After the results of the first half of 2022, not only is the goal of doubling profits compared to 2020 expected to be achieved, but the actual numbers will be clearly higher, Mytilineos chief E. Mytilineos said during the analysts’ conference call.
Asked about the possible listing of the company on a larger stock exchange, he emphasized in his careful answer that as CEO and not as a shareholder, he has a great responsibility towards shareholders and society, because the size of the company requires responsibility. My responsibility is to do everything in my power to make the shareholders happy. If that means going on a foreign exchange will be a good thing, so be it. We are ready, if asked to do whatever is necessary, noted Mr. Mytilineos.
Regarding the effects of the decision to reduce natural gas consumption by 15%, he emphasized that this does not concern gas for electricity generation. For the industry he added that the 15% reduction is not a problem since alternative fuels can be used.
He appeared optimistic about the country’s energy sufficiency in the event of a complete interruption of Russian natural gas given that the country has alternative sources such as TAP and Revythoussa. The big problem will be gas prices and not availability, he estimated.
In fact, Mr. Mytilineos appeared pessimistic about the evolution of natural gas prices, estimating that they will not decline. These prices are not the result of the war alone, they had risen before the war. “For Greece, the problem is not the sufficiency of gas, but the prices”, repeated Mr. Mytilineos.
Regarding RES, he emphasized that in the first phase they are under construction and 280MW are to be completed, while it is expected that 500MW of photovoltaic and wind power plants will be added in 2024. At the same time, the company shows confidence and is expected to proceed with bilateral green energy purchase and sale agreements (PPAs).
Finally, regarding the BOT (build operate transfer) activity, he stated that it is going very well and prices have increased, while in the last 6-7 months it has contributed significantly to profitability.
Mytilineos: 116% jump in first half profits, to 166 million euros – Turnover exceeded €2.15 billion
Source: Capital
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