(Alliance News) - Green Oleo Spa reported that it closed 2023 with a loss of EUR590,747 from a profit of EUR5.6 million as of Dec. 31, 2022.

Sales revenue in the period stood at EUR60.6 million from EUR80.8 million in 2022.

Ebitda in 2023 was EUR1.6 million from EUR8.2 million, while Ebit was negative EUR1.3 million from positive EUR5.2 million.

Net financial debt was EUR14.3 million from EUR18.8 million as of December 31, 2022.

Looking ahead, the company expects volume growth and margin improvement due to economies of scale, double-digit increase in foreign volumes, and growth on Cosmetics and Lubrication, the company explained in a note.

In addition, the company disclosed that it has proposed the expansion of the board of directors from three to five members and a buyback plan worth up to EUR800,000.

Green Oleo on Monday closed flat at EUR0.99 per share.

By Claudia Cavaliere, Alliance News reporter

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