(Alliance News) - Fervi Spa reported Friday that it ended 2023 with a net profit of EUR3.9 million, up 8.6 percent from EUR3.6 million in the previous year.

Consolidated adjusted net income from nonrecurring costs and know how amortization of EUR5.0 million compares to EUR4.6 million in 2022, up 10 percent, on a like-for-like basis with nonrecurring adjustment items recognized in 2023.

Consolidated sales revenues in 2023 are EUR56.4 million, down 1.5 percent from the previous year, when they were EUR57.3 million. The company notes that the decline in consolidated revenues stems mainly from a slowdown in withdrawals from industrial customers that occurred in the fourth quarter of the fiscal year, the main effects of which became apparent in December 2023. In 2023, Rivit India-a 99.9 percent subsidiary of Rivit Srl-was fully consolidated, bringing in approximately EUR1.3 million in consolidated revenues.

Consolidated EBITDA is EUR8.4 million from EUR8.3 million in 2022. The adjusted figure-which excludes nonrecurring costs mainly related to contract terminations with the former general managers of Fervi and Vogel of EUR306,000 in 2023 from EUR100,000 in 2022-rises to EUR8.7 million from EUR8.4 million in 2022.

Consolidated Net Financial Position is negative EUR7.6 million as of December 31, 2023 compared to EUR8.8 million as of September 30, 2023 and EUR11.2 million as of December 31, 2022.

The board proposed to shareholders a dividend of EUR0.47 per share versus EUR0.40 in 2022. The dividend, if approved by the meeting, will be paid to eligible shareholders on May 8, 2024, with an ex-dividend date of May 6 and record date of May 7.

Fervi's stock is unchanged at EUR16.80 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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