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Press Release – Financial Results 2023

ALUMIL: 7% Increase in Sales Volume in 2023

ALUMIL maintained its growth trajectory in 2023, despite global challenges and the fluid international economic environment.

Specifically, in 2023, the Group achieved a notable increase in sales volume, amounting to 7%, thus continuing the growth momentum from 2022. Concurrently, the turnover increased at a lower rate of 0.5%, attributed to the sharp decrease in the price of aluminum raw material at the London Metal Exchange (LME), consequently dragging down selling prices.

The sales increase in the first quarter of 2024 reached 15%, while business activity in Greece surged at double the rate compared to the same period in 2023.

Furthermore, to support the increasing global demand for its products, the Company has initiated and is executed a series of major investments, among which stand out: the new state-of-the-art vertical dying installation with artificial intelligence technology (operational in July 2024), the acquisition of a 35,000 sq.m. land plot and a 6,000 sq.m. building, adjacent to which a new facility for housing a robotic warehouse will be constructed initially with 4,000 positions, in addition to the existing 15,500 storage positions operating in the 33,000 sq.m. adjacent to the logistics center in Kilkis (October 2024). Moreover, the purchase of an automatic combined packaging line (September 2024), the installation of a new extrusion line (1,350 MT) with artificial intelligence technology (June 2024), as well as the investment in new technology air compressors for the extrusion, painting, casting, and anodizing units.

A significant ally in ALUMIL's investment strategy for the current year is the funding from the Recovery and Resilience Facility amounting to 15 million euros, with the relevant application already submitted.

Dynamic Growth Beyond Borders

Top of Form

In 2023, ALUMIL established its dominance among other companies in the significant market of Egypt and showcased promising prospects in both African and in the markets of India, Thailand, Vietnam and Indosia where the company already operating. Furthermore, positive developments were also observed in several strong markets such as the United Kingdom, Italy, and Canada. After all, ALUMIL has been operating in more than 60 countries worldwide for decades, a testament to its stable growth, financial health and international presence.

"2023 was a year with challenges at all levels. In a volatile and unpredictable economic environment, amidst new international crises, we managed to rise to the occasion and adapt accordingly, achieving significant successes," emphasized Georgios Mylonas,

President and CEO of the Group, reflecting on the financial performance of 2023. He added, "We continue steadfast in our plan, implementing investments that enhance our production capacity and contribute to the further digital transformation of the Group. With our core strategy of sustainable growth, we forge ahead into the new year, pioneering and opening new paths in the aluminum industry, as well as in business in general”

Financial Performance in 2023

In 2023, both the Group and the Company reported an increase in sales volume compared to 2022.

Specifically, at a Group level, the financial performance was as follows:

  • The Group’s turnover recorded a 0.5% increase, amounting to 404.6 million euros compared to 402.5 million euros in 2022.
  • Gross profits amounted to 91.1 million euros, a decrease of 13.2% from 104.9 million euros in 2022.
  • Pre-tax profits amounted to 6.5 million euros compared to profits of 34.6 million euros in 2022, a decrease of 81.2%.
  • Similarly, post-tax profits amounted to 4.1 million euros compared to profits of 27.7 million euros in 2022, a decrease of 85.2%.
  • Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at 32.2 million euros compared to 56.5 million euros in 2022, a decrease of 43.0%.

At the Company level, the financial performance in 2023 was as follows:

  • The Company’s turnover decreased by 7.7%, reaching 238.9 million euros compared to 258.7 million euros in 2022.
  • Gross profits amounted to 32.7 million euros compared to 47 million euros in the corresponding period, marking a decrease of 30.4%.
  • Pre-tax profits reached 0.5 million euros compared to 19.6 million euros in 2022, a decrease of 97.4%.
  • Post-tax profits were 0.5 million euros compared to 15.6 million euros in 2022, a decrease of 96.8%.
  • EBITDA stood at 14.2 million euros compared to 30.4 million euros in 2022, marking a decrease of 53.3%.

The reduced profitability in 2023, despite the recorded increase in sales, is attributed to the continued decline in the price of aluminum raw materials throughout 2023, the significant but large exchange rate differences from their foreign subsidiaries, the substantial increase in interest rates, and increased provisions.

However, given the dynamic and intensifying sales growth, a rapid recovery in profitability is considered foreseeable.

This is already happening in the first quarter of the current fiscal year.

The Financial Statements based on IFRS, as well as the Data and Information for the fiscal year 2023, will be posted on the website of the Company ( and the Athens Stock Exchange (, as of 19.04.2024.

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