(Alliance News) - SOL Spa reported Wednesday that first-quarter revenues rose 14 percent year-on-year to EUR365.9 million from EUR322.3 million in the same period last year.

As the company explained, the positive result can be attributed to both the performance of foreign sales, which amounted to EUR217.5 million and increased by 18 percent, and the performance of sales made in Italy, which amounted to EUR148.4 million and increased by 7.8 percent.

Specifically, the Technical Gases division achieved sales of EUR199.8 million, up 12 percent from the first quarter of 2022. The Home Medical Care division, in which the group operates through Vivisol, saw a recovery in new patient prescriptions. Sales in this division were EUR166.0 million, up 16 percent.

"We assess positively the sales results achieved during the first quarter of 2023," said Marco Annoni, vice president of SOL, "which confirm the SOL group's ability to continue to grow even in a difficult and complex economic environment, characterized by rising costs due to inflation and strong volatility, which requires ability to react quickly.

"Compatible with the evolution of the war between Russia and Ukraine, with the trend of energy costs and inflation, and with the resilience of the economy and industrial production," commented Aldo Fumagalli Romario, president of SOL, "the SOL group will continue, even during 2023, to pursue the objective of constant development through production and distribution investments, to consider possible acquisition opportunities and to constantly develop innovative and diversification projects, with the aim of still achieving sales growth and maintaining profitability at good levels.

SOL's stock is down 3.2 percent at EUR25.70 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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