(Alliance News) - Sabaf Spa announced Tuesday that its board of directors reviewed and approved the half-year report as of June 30, reporting a positive adjusted net result of EUR3.2 million, down from EUR14.8 million in the first half of 2022.

The consolidated result, on the other hand, corresponds to a loss of EUR1.4 million, which compares with a profit of EUR13.0 million in the same period last year.

Adjusted revenues amounted to EUR114.9 million, down from EUR144.2 million in the same period last year.

Adjusted Ebitda is EUR15.6 million, down from EUR25 million in the first half of 2022.

Adjusted Ebit is EUR7.1 million, down from EUR17 million as of June 30, 2022.

Net financial debt is EUR73.8 million from EUR94.8 million in the same period of 2022.

Pietro Iotti, CEO of Sabaf, commented, "Sabaf, for the third consecutive quarter, improved operating profitability in a market characterized by still weak demand. In the first half of the year, while sustaining investments of EUR11.5 million, a positive free cash flow of EUR13.2 million was generated. The difficult economic situation has not slowed down the implementation of our strategy to strengthen competitive positioning and ensure sustainable growth in the medium to long term."

Iotti went on to mention the four pillars of the strategy: "The acquisition of the U.S. company Mansfield Engineered Components LLC (MEC), which, in addition to increasing penetration in the U.S. market, has enabled us to increase the diversification of the supply portfolio; the advancement of the development project for induction cooking; the start of operation of the new factories in India and Mexico, which enable us to be closer to our major customers; and the strong technical and commercial integration of all the group's entities."

"In the second half of the year, thanks to the contribution of these projects and actions to make the cost structure more efficient, we expect significant growth in sales and a further improvement in profitability," the CEO concludes.

Sabaf trades in the red by 2.5 percent at EUR17.30 per share.

By Chiara Bruschi, Alliance News reporter

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