(Alliance News) - Magis Spa reported that it ended 2022 with revenues up 34 percent year-on-year, to EUR94.1 million from EUR70.3 million in 2021.

This significant increase can be attributed to the company's ability to have increased the selling prices of its products as a result of the general increase in the purchase costs of raw materials starting in early 2021 and partly to the increase in the square meters of finished products sold compared to the previous year.

This result was possible thanks to the coming on stream of the new machinery and the new production plant located in Empoli ZI Terrafino, which made it possible to improve production, both in terms of quantity and general production organization. As a result of the new investments, the company has streamlined sales by increasing products with higher added value.

Ebitda rose 64 percent to EUR15.0 million from EUR9.1 million, and "efficient production management enabled improved product margins, and significantly increased Ebitda, while keeping financial charges and other operating expenses under control," the company explained.

Net income almost doubled, to EUR7.7 million from EUR3.7 million in 2021.

Net financial debt was reduced by EUR14.5 million to EUR2.5 million from EUR17.0 million in 2021 thanks to abundant cash generated from operations of about EUR10 million. In addition, the company also improved its financial balance by upgrading its debt to medium- to long-term.

Shareholders' equity as of December 31, 2022 was EUR30.4 million, significantly increased compared to the 2021 situation, as a result of the listing on the EGM market, which also promoted an economic strengthening of the company.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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