(Alliance News) - Buzzi Unicem Spa reported Thursday that it ended 2023 with a net profit of EUR967 million, which compares with EUR459 million in the previous year.

Revenues rose 11 percent to EUR4.32 billion from EUR4.00 billion, with cement and clinker sales down to 26.3 million tons from 28.3 million in 2022 and concrete sales down to 10.1 million m3 from 11.5 million the previous year.

Ebitda rose to EUR1.24 billion from EUR884 million, marking a record level for the company. The strengthening of operating results was visible in all markets of presence, with the exception of Russia, which was affected by the unfavorable exchange rate effect. The most noticeable improvement can be attributed to the results recorded in Italy, Germany and the US.

The group's Net Financial Position at the end of 2023 remained positive at EUR798.0 million compared to EUR288.2 million at the end of 2022. In the past fiscal year, the group paid out dividends of EUR83.3 million and paid out investments totaling EUR311.1 million, of which approximately EUR47 million was dedicated to decarbonization programs and improving environmental performance. This category includes investments to increase cement production with lower clinker content, increased use of alternative fuels, and in-house power generation.

A portion of EUR10.8 million was earmarked for expansion projects, including the EUR5.5 million increase in grinding capacity at Festus in Missouri and work related to the construction of the new clinker deposit in San Antonio for EUR2.4 million.

The board proposed the distribution of a dividend of 60 cents per share, up from the dividend of 455 cents paid last year.

Buzzi Unicem's stock is down 2.1 percent at EUR37.04 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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