(Alliance News) - Sabaf Spa reported Tuesday that it closed 2023 with adjusted group profit of EUR14.2 million, down 36 percent from EUR22.1 million in the previous year. In the fourth quarter of the year, however, profit increased to EUR5.8 million from EUR4.6 million, a positive change of 25 percent.

The board of directors proposed a dividend of EUR0.54 per share from EUR0.60 per share distributed in 2022 and relating to fiscal year 2021. By contrast, no dividend had been distributed in 2023 relative to 2022.

Adjusted revenues for the year 2023 amount to EUR239.1 million from EUR252.0 million in 2022, a decrease of 5.1 percent.

Adjusted Ebitda rises to EUR33.0 million from EUR36.3 million in 2022, thus down 9.0%.

Adjusted Ebit is EUR17.5 million from EUR19.9 million in 2022, down 12%.

Net financial debt is EUR73.2 million from EUR84.4 million as of December 31, 2022.

In the last quarter of the year, on the other hand, the group posted adjusted revenues of EUR62.8 million, up 18 percent from EUR53.1 million in the same period of 2022; adjusted Ebitda amounted to EUR8.7 million from EUR6.1 million, up 42 percent; and adjusted Ebit rose to triple digits to EUR4.4 million from EUR1.7 million in the same period of 2022.

As for the future, "the start of 2024 is characterized by decidedly positive business dynamics," reads the company's note. Sales already achieved and orders on hand "point to double-digit sales growth in the first quarter compared to the same period in 2023."

"The recovery of production volumes will support the improvement of profitability. Technical and commercial synergies with recently acquired companies, product diversification initiatives - particularly in the induction cooking components segment - and internationalization - with the activities of the new production plants in India and Mexico - , which will contribute to the 2024 results and ensure the group's sustainable growth in the medium and long term, continue according to plan."

Sabaf's stock trades in the green by 0.6 percent at EUR16.58 per share.

By Chiara Bruschi, Alliance News reporter

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