A signal of investment confidence for Mytilineos comes from S&P, which with its report upgrades its outlook from stable to positive and confirms its rating at “BB-“.
According to the S&P report, “Greek industry has been successful in the unstable market conditions of the last 18 months. It is ready “, it continues,” to intensify its activities in 2022 with the completion of a large project that is in progress,” it notes referring to the CCGT gas power station in Agios Nikolaos, Boeotia.
Read also: Mytilineos – Completes funding for photovoltaics in Australia
In addition, according to the financial house, the company has made significant progress in the field of renewable energy sources and storage development (RSD), securing and selling renewable energy projects, establishing it as an important pillar in its portfolio.
“As a result, we have revised our outlook for Mytilineos from positive to stable and reaffirmed our long-term rating for the company as ‘BB-,'” the report said, promising a new upgrade. 12 months, as the company moves to a much larger EBITDA base and lower leverage “.
According to S&P, “the company’s portfolio proved to be more resilient than expected during the 2020 pandemic and with the recent rise in energy prices. In each of the last two years, the diversification of the company into different industries has proven to be very beneficial. We expect that the company will complete in 2021 with an EBITDA of approximately 350 million euros. Based on the current market conditions and the progress of the company in its current projects, we have revised upwards the operating profit (EBITDA) for 2022 to 500 million-550 million euros”.
Latest News
Developing the Blue Carbon Economy in Greece
Can Greece make money by protecting its marine environment?
EIB Appoints Greece’s Ioannis Tsakiris as New VP
Ioannis Tsakiris started the new role May 1 after spending 15 years at the European Investment Fund (EIF) and serving as Greece’s Deputy Minister for Development and Investments
Two Greek Beaches in Top 50 in the World
Both Greek beaches were on the list of the best beaches in Europe too
Eurostat: Greece 20th out of 26 European States in Hourly Average Wage
According to figures released by Eurostat, the Benelux Grand Duchy of Luxembourg, one of Europe’s hubs for finance, is in first place
Greek Property Renovation Surge amid Economic Constraints
This has led to a notable escalation in renovation costs, with average prices per square meter exceeding previous norms and reaching even 1,000 euros in premium locations
RRF: Additional €5.1bln Funds for Subsidies to Greece in 2025
By April 22, funds totaling 5.75 billion euros had been transferred for approved projects of the Recovery Fund to entities within and outside the general government and final recipients
OECD: Greek Economy Resilient with 2% Growth Forecast for 2024
However, the OECD highlights challenges including the need to enhance productivity and fiscal adjustment due to high debt levels.
Challenges and Delays in Greece’s Hydrocarbon Exploration
Sources disclose that the petroleum companies holding the concessions are seeking partners to jointly invest and share the costs of exploration and drilling.
Greek Beach Visitors Can Report Violations on New ‘MyCoast’ App
Greek authorities hope the newly-launched, free ‘MyCoast’ app will help clamp down on public beach violations
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%