AMAG Maintains Strong Position Despite Economic Headwinds in 2023
AMAG Austria Metall's revenue reached €1,459.2 million, a decrease from the previous year's record of €1,726.7 million, reflecting the impact of lower aluminium prices and demand fluctuations. Despite these challenges, AMAG reported an EBITDA of €188.4 million, the second-highest in its history, demonstrating the company's robust operational capabilities and strategic adaptability.
Throughout the year, AMAG's operations, particularly its smelter in Canada, operated at full capacity, showcasing the company's commitment to maintaining stable production levels. The total shipments of aluminium for the year amounted to 425,800 tonnes, a slight reduction from 442,000 tonnes in 2022, influenced by market-driven demand decreases. This volume adjustment reflects AMAG's responsive strategy to market conditions, ensuring sustainability and profitability.
The financial year also saw a substantial increase in cash flow from operating activities, which surged by 110% to €180.9 million, largely due to working capital optimizations and the lower aluminium price level. These strategic financial maneuvers underscore AMAG's adept management and operational efficiency, contributing to a solid net income after taxes of €66.4 million.
Looking ahead, AMAG is cautious about the uncertain market and economic outlook for 2024 but remains optimistic about the long-term demand for aluminium, particularly given its wide applications across various industries. The company is poised to continue leveraging its stability, flexibility, and diversified portfolio to navigate potential challenges and seize growth opportunities.
