
ElvalHalcor group on Tuesday reported significantly higher sales in the second half of 2022, up by 28.8 percent compared to the same period in 2021, specifically to 3.714 billion euros from 2.883 billion euros, respectively.
The group said an increase in turnover in H2 2022 is due to increased sales in the aluminum sector, higher metals and processing prices, which trumped a tenuous geopolitical situation also burdened by surging energy rates and higher borrowing interest rates.
Consolidated adjusted earnings before taxes, interest, depreciation and amortization, metal result, and other exceptional items (a-EBITDA), which better reflect the operational profitability of the company, increased by 62.6 percent, reaching 271.2 million euros, against 166.8 million euros, compared to the respective prior year, driven by the improved conversion prices and the increase in sales volume.
Consolidated gross profit rose to 352.4 million euros compared to 234.9 million euros in 2021, while consolidated EBITDA amounted to 326.2 million euros, compared to 215.3 million euros in the previous year. The accounting metal result positively affected the above figures, standing at 61.5 million euros for the fiscal year, compared to 56.1 million euros for 2021.
Consolidated net financial results rose to 41.6 million euros in 2022, compared to 30.9 million euros in the previous year.
The increase is attributable to arise in net debt due to increased working capital needs, an increased investment program, and interest rates.
Specifically, the increased metal prices, higher production and sales volumes, as well as the temporary stock in semi-finished products, caused by the scheduled revamping of the extrusion press of the copper and alloys extrusion division of the company, which was successfully completed in October, significantly affected the group’s working capital during the fiscal year.
Consolidated after-tax profits reached 162.0 million euros in 2022, compared to 113.9 million euros in 2021. Profits after taxes and non-controlling interest rose to 159.3 million euros in 2022 or (0.4245 euros per share), compared to 111.7 million euros in 2021 (or 0.2976 euros per share).


Latest News

Trump Tariffs Jeopardize Growth: Piraeus Chamber of Commerce
The tariffs, aimed at reducing the U.S. trade deficit, are expected to have both direct and indirect effects on the European economy

EU Condemns Trump Tariffs, Prepares to Retaliate
As tensions escalate, the EU is expected to continue negotiations with Washington while preparing for potential economic retaliation.

The Likely Impact of Trump Tariffs on Europe and Greece
Trump tariffs are expected to negatively affect economic growth in the Eurozone while Greece's exports could take a hit.

Motor Oil Results for 2024: Adjusted EBITDA of 995 mln€; Proposed Dividend of 1.4€ Per Share
Adjusted EBITDA for 2024 was down 33% yoy. The adjusted profit after tax for 2024 stood at 504 million euros, a 43% decrease from the previous year

Cost of Living: Why Greece’s 3% Inflation Is Raising Alarm
Greece appears to be in a more difficult position when it comes to price hikes, just as we enter the era of Trump’s tariffs.

Fitch Ratings Upgrades the Four Greek Systemic Banks
NBG’s upgrade reflects the bank’s ongoing improvements in its credit profile, Fitch notes in its report, including strong profitability, a reduction in non-performing exposures (NPEs), and lower credit losses

Trump to Announce Sweeping New Tariffs Wednesday, Global Retaliation Expected
With Trump's announcement just hours away, markets, businesses, and foreign governments are bracing for the fallout of one of the most aggressive shifts in U.S. trade policy in decades.

Inflation in Greece at 3.1% in March, Eurostat Reports
Average inflation in the eurozone settled at 2.2%, compared to 2.3% in February

Greece’s Unemployment Rate Drops to 8.6% in February
Despite the overall decline, unemployment remains higher among women and young people.

Jerry Kalogiratos Highlights Key Role of Energy Transition and Data Demand in LNG Outlook
Energy transition and the prospects of LNG were discussed at Capital Link’s 19th Annual International Maritime Forum, during a panel discussion with Jerry Kalogiratos (Capital Clean Energy Carriers Corp.)