(Alliance News) - Salcef Group Spa reported Tuesday that it closed the first nine months with a net profit of EUR51.3 million , up sharply from EUR28.0 million in the same period last year.

The adjusted figure-which excludes the effect on financial expenses of the change in fair value of financial investments, the related deferred taxation as well as the tax effect of the reversal of deferred tax assets on revaluations-rose to EUR51.7 million from EUR38.9 million.

Revenues increased to EUR567.9 million from EUR385.8 million in the first nine months of 2022. As the company explains, this increase can be attributed to significant organic growth of 32 percent and the contribution of the group's new companies: the PSC Group business unit and Francesco Ventura Costruzioni Ferroviarie - acquired in May and December 2022, respectively - as well as, to a small extent, Colmar Technik Spa, which joined the group in August this year.

Ebitda rose to EUR115.5 million from EUR77.5 million, with margin up to 20.4 percent from 20.1 percent, while operating income improved to EUR77.3 million from EUR51.0 million, with margin up to 13.6 percent from 13.2 percent.

Adjusted Net Financial Position as of September 30 was positive EUR7.1 million compared to EUR26.0 million at the end of 2022, mainly due to dividend payments of EUR30.8 million. NFP is negative by EUR43.1 million.

The order backlog tweaks upward the record recorded as of June 30 and reaches EUR2.02 billion for the first time. Among the main contracts signed in the third quarter were the construction of the Piazza Pia underpass in Rome; the first supply of switch sleepers; and railroad track work in southern Italy.

In terms of geographic composition, the domestic component stood at 70.8 percent, up slightly from June 30. The Track & Light Civil Works and Energy Signalling & Telecommunication business units remain the most represented, with 66.9 percent and 19.9 percent of the portfolio, respectively. Railway Machines benefits from EUR27.8 million from the consolidation of Colmar and reaches 2.4 percent of the portfolio from the previous 0.5 percent.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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