(Alliance News) - Sabaf Spa on Tuesday reported that the first nine months of the year ended with an adjusted net profit of EUR8.4 million from EUR17.5 million in the same period in 2022.

As of September 30, adjusted revenues amounted to EUR176.3 million to EUR198.9 million in the nine months 2022, down 11 percent.

Adjusted Ebitda was EUR24.4 million from EUR30.2 million as of September 30, 2022, down 19%.

During the period, adjusted Ebit stood at EUR13.1 million from EUR18.2 million in the same period of 2022, down 28%.

In the third quarter, on the contrary, adjusted revenues increased to EUR61.3 million from EUR54.7 million in the same period last year; adjusted Ebitda rose to EUR8.8 million from EUR5.2 million; and net income stood at EUR5.2 million from EUR4.2 million.

Net debt was EUR83.7 million from EUR84.4 million as of Dec. 31, 2022.

Pietro Iotti, managing director of Sabaf, commented, "In the third quarter, the Sabaf group achieved growth in revenues and Ebitda, compared with the same period of the previous year, despite a market slowed down by the trend of macroeconomic indicators-inflation-and heightened geopolitical tensions. However, the unfavorable scenario did not slow down the execution of the Business Plan. The path of international growth and product range diversification continued in the third quarter with the acquisition of a majority stake in the U.S.-based Mansfield Engineered Components, enabling us to become the world's leading manufacturer of hinges for household appliances. Initial integration activities have confirmed the high technical and commercial synergies expected from the transaction."

"Strategic projects - induction cooking components, new production facilities in India and Mexico - from which an important contribution is expected from the beginning of 2024, are also proceeding according to plan. Based on the order book, we expect an increase in revenues for the fourth quarter compared to both the third quarter and the fourth quarter 2022 even on a like-for-like basis."

Sabaf trades in the green by 0.9 percent at EUR14.26 per share.

By Claudia Cavaliere, Alliance News reporter

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