AMAG reports highest quarterly earnings for 1Q2022 with a 60% hike in revenue

AMAG Austria Metall AG, the biggest company in the Austrian Aluminium industry sector, has reported a continued positive performance for the 1st quarter of 2022 ended March 31. By the data revealed, the company has achieved the highest quarterly earnings in its history for 1Q2022, contributed by increased LME aluminium prices throughout the period. Positive growth is seen in shipment volumes and product mix optimisations as well.

Revenues of the group rose 60 per cent over the year from EUR 251.2 million to EUR 399 million, thanks to higher shipments and aluminium prices. Shipments improved by 6 per cent to 104,600 tonnes in Q1 2022 versus 98,500 tonnes in Q1 2021.

Group’ s EBITDA doubled from EUR 30.3 million in Q1 2021 to EUR 68 million during the same period of this year. Metal division benefited from stable production levels and high aluminium prices, reporting an increased EBITDA of EUR 20.5 million. Casting division maintained its high level of growth, with EBITDA at EUR 5.1 million as against EUR 3.5 million a year ago.

In the rolling division, shipments increased by 11 per cent to 60,100 tonnes, with EBITDA up by around 150 per cent from EUR 17.4 million to EUR 43.3 million.

AMAG Group’s net income after taxes grew six-fold from EUR 5.1 million in 1Q2021 to EUR 32.5 million in 1Q2022.

But despite a positive start to 2022, the outlook for the rest of the year is characterised by uncertainties, particularly due to the Russia-Ukraine conflict and COVID related lockdowns.

Gerald Mayer, CEO of AMAG Austria Metall AG, comments: “The start to 2022 has been successful in operational terms. We were able to leverage the positive market environment and generate the highest quarterly earnings in AMAG's history. The order intake situation is at a very good level and secured for the coming months. AMAG's future business performance depends to a large extent on general economic developments and, at the Ranshofen site, on energy supply risks. Nevertheless, we currently expect full-year EBITDA to exceed EUR 200 million.”