(Alliance News) - Valsoia Spa announced Monday that its board of directors approved the half-year report as of June 30, reporting a profit of EUR3.67 million, in line with the EUR3.75 million recorded in the same period of 2022.

Sales revenue, on the other hand, increased to EUR55.8 million compared to EUR49.5 million in the first half of 2022. The growth, the company points out, was mainly due to Italy sales-which increased by 14 percent-while foreign sales recorded a smaller growth of 0.9 percent.

Ebitda was EUR6.1 million down from EUR6.6 million in the same period of 2022. Consequently, the operating margin percentage ratio in the first half of the year was 10.9 percent, compared to 13.3 percent in the same period last year. This ratio, the company points out, "discounts in the first half of the year cost growth in advance of the new price lists and the resulting revenues."

Ebit amounted to EUR4.6 million down from EUR5.2 million in the first half of 2022.

Net financial position amounted to EUR18.7 million from EUR27.1 million as of Dec. 31 and EUR22.1 million as of June 30, 2022.

Chairman Lorenzo Sassoli de Bianchi commented, "This first half of the year saw us still operating in a very difficult environment for both raw material and service costs. Some timely areas of improvement for energy and gas show average purchase values falling but still above 2022, with only marginal effects at the moment on containing extra costs."

"We successfully activated the management of Häagen-Dazs ice cream distribution and continued the excellent

work in the distribution of Vallè margarine and Oreo O's Cereals," he added, specifying then that the company is committed "to speed up the internationalization process, a strategic asset in the development of our company together with our highly innovative and sustainable vocation."

"Also in the second half of the year," Sassoli de Bianchi then concludes, "controlling purchasing costs and the company's margins will remain the priority along with defending sales volumes and where possible growing market share.

Valsoia trades in the red by 0.2 percent at EUR8.98 per share.

By Chiara Bruschi, Alliance News reporter

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