(Alliance News) - Ascopiave Spa announced on Thursday that it closed 2023 with a consolidated net profit of EUR36.7 million, up 13 percent from EUR32.4 million recorded in 2022, pointing out that the scope of consolidation has undergone some changes compared to the previous year, due to some extraordinary transactions completed over the past two years.

The board of directors will also propose to the shareholders' meeting the distribution of a dividend of EUR0.14 per share from EUR0.13 in the previous year.

Revenues thus amount to EUR180.8 million up about 11 percent from EUR163.7 million in 2022. The enlarged scope of consolidation resulted in the recognition of EUR4.5 million in revenues, entirely attributable to the gas distribution business. On a like-for-like basis, revenues show an increase of EUR12.7 million.

Ebitda rises 21 percent to EUR94.5 million from EUR77.9 million. The contribution to Ebitda from the expanded scope to newly acquired companies is EUR1.4 million and is due to the newly acquired companies operating in gas distribution, consolidated from April 1, 2022. On a like-for-like basis, EBITDA shows a growth of EUR15.2 million.

Ebit stood at EUR46.0 million compared to EUR31.9 million in the previous year, up 44 percent.

The Group's Net Financial Position as of December 31, 2023, at EUR389.4 million, decreased by EUR22.5 million compared to December 31, 2022 when it was EUR411.9 million.

As for the future, net of income components of an extraordinary nature recorded in 2023 and that may possibly affect the 2024 fiscal year, "the company expects results to grow compared to those of the previous year, mainly due to the increase in tariff revenues induced by the monetary updates of the calculation parameters and the increase in the rate of return on recognized capital - from 5.6 percent in 2023 to 6.5 percent in 2024 - ordered by ARERA to

take into account the upward trend in market rates," the statement said.

Finally, the board of directors resolved to submit for approval to the ordinary shareholders' meeting the renewal of the authorization of the plan to purchase and dispose of treasury shares for a maximum number of 46.9 million ordinary shares with a par value of EUR1.00 each.

Ascopiave's stock trades in the green by 1.3 percent at EUR2.39 per share.

By Chiara Bruschi, Alliance News reporter

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