(Alliance News) - ENAV Spa announced Thursday that it closed 2023 with a consolidated profit of EUR112.7 million from EUR105.0 million as of Dec. 31, 2022.

The company said it had proposed a dividend of EUR0.23 per share from EUR0.1967 in 2022.

Revenues in the period grew to EUR1 billion from EUR944.3 million in 2022.

Ebitda as of December 31 stood at EUR300.1 million from EUR272.2 million and at a margin of 30 percent from 28.8 percent.

Ebit in 2023 was EUR172.7 million from EUR148.3 million in 2022.

Net financial debt as of Dec. 31 showed a balance of EUR322.3 million, an improvement of EUR85.6 million from Dec. 31, 2022.

Route and terminal traffic is reported to increase by 11 percent and 10.9 percent compared to 2022.

Looking ahead, "Estimates for 2024 foresee a traffic level, aligned with Eurocontrol's latest projections for Italy, of 11.3 million en-route service units in 2024, an increase of 6.7 percent compared to 2023," according to the company's note.

"Compared to 2023, total revenues are expected to grow mid-single digit percentage, with double-digit percentage growth in revenues from unregulated market. In addition, Ebitda is expected to grow mid-single digit percentage growth also compared to 2023. Investments in 2024 are expected to be around EUR120 million."

ENAV also presented investors with the development lines for expansion in the unregulated market for the next three years through both organic and inorganic growth.

Organic growth will be based on two pillars: achieving full potential in current core areas and optimizing and developing other businesses. This forward-looking development for the company will lead to an increase in revenues to about EUR70 million to 2026 from EUR43.1 million in 2023.

CEO Pasqualino Monti commented, "2023 was a record year for number of flights over Italy. The quality of service places ENAV among the top service providers in the world thanks to the strong acceleration of investments on core activities. Our ability to handle significant traffic volumes, combined with foreign orders, allowed us to reach the billion revenue mark for the first time. All this, together with prudent financial management, allows us to distribute the highest dividend ever."

"A further traffic increase of about 7 percent is expected in 2024, and ENAV will be ready to handle this possible new record number of flights with even higher operational performance. We are working to make ENAV a leading company also on non-regulated activities for the benefit of the Italian system and our shareholders."

On Wednesday, ENAV closed 1.3 percent in the red at EUR3.25 per share.

By Claudia Cavaliere, Alliance News reporter

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