AMAG Austria posts record revenue at EUR904.3 million in 1H2022 supported by global aluminium price rally

AMAG Austria Metall AG, the biggest company in the Austrian Aluminium industry, has reportedly achieved record levels of revenue and earnings in the first half of 2022. As per the report published by the company, it has seen a growth of around 50 per cent in revenue from EUR 595.1 million in H1 2021 to EUR 904.3 million in H1 2022.

Net income after taxes has reflected a surge of over 120 per cent from EUR 35 million in H1 2021 to EUR 78.4 million in H1 2022. EBITDA also represents a significant achievement of 70 per cent from EUR 93.6 million in the year earlier to EUR 156.5 million in the first six months of 2022, the highest ever half-year earnings.

This stupendous growth in AMAG’s financial performance could be attributed to a significant hike of 36.9 per cent in the global aluminium price over the year to average US$3,088 per tonne throughout the first half of the year, along with strengthened alumina costs. Besides, high productivity and successful optimisation in the product portfolio also contributed to the earnings.

Shipment volume, however, reflects not much change from 225,100 tonnes in H1 2021 to 226,100 tonnes in H1 2022.

Net financial debt stood at EUR 506.8 million at the end of June 2022, compared with EUR 346.1 million a year ago. AMAG Group’s equity grew to EUR 686.7 million as of June 30, 2022, as against EUR 629.5 million in H2 2021.

Gerald Mayer, CEO of AMAG Austria Metall AG, commented: “Our AMAG team managed to achieve a record result with a high level of competence and great commitment. Nevertheless, the first half of the year was characterised by uncertainties in the supply of materials and energy as well as difficulties in international logistics. Provided that the energy supply is also secured in the second half of the year, we expect a very good financial year in 2022, despite the first noticeable slowdown in the economic environment.”