(Alliance News) - Comer Industries Spa reported Wednesday that it closed fiscal year 2023 with a profit of EUR94.0 million, up from EUR90.7 million in 2022. Adjusted net income was EUR108.6 million from EUR101.8 million in the previous year.

The board of directors proposed the distribution of a dividend of EUR1.25 per share, up 67 percent from EUR0.75 per share in 2022, corresponding to a pay-out of about 38 percent of consolidated net income.

Revenues are EUR1.22 billion from EUR1.24 billion in 2022, thus down 1.1 percent at current exchange rates.

Ebitda is EUR205.0 million versus EUR180.0 million in 2022.

Adjusted Ebit amounted to EUR164.6 million from EUR142.8 million in the previous year.

Net financial debt as of December 31, 2023 was EUR94.8 million, down from EUR148.9 million in the previous year.

As far as the future is concerned, "management expects a sales performance for 2024 in line with that indicated by the main players in the market in which it operates and a slightly lower percentage marginality than that recorded in 2023. Finally, net of extraordinary transactions, the group is expected to continue on its de-leveraging path through continued cash generation."

Comer Industries' stock is in the red by 1.3 percent at EUR31.50 per share.

By Chiara Bruschi, Alliance News reporter

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