(Alliance News) - Gefran Spa reported Tuesday that it closed 2023 with a net profit of EUR11.7 million from EUR10.0 million as of Dec. 31, 2022.

The board of directors proposed a dividend of EUR0.42 per share, up from EUR0.40 per share.

Revenues as of Dec. 31 in the period stood at EUR132.8 million from EUR134.4 million in 2022.

The breakdown of revenues by geographical area shows a widespread contraction in all the main areas served by the group, and in particular those generated by the domestic market are down 1.9 percent.

Contraction also in America by 2.2 percent and in Asia by 1.8 percent, where the performance of foreign currencies, Rupee and Renminbi, has a significant impact.

Ebitda in the period stood at EUR24.1 million from EUR24.6 million in 2022.

Ebit as of December 31 was EUR16.6 million from EUR17.5 million in 2022.

Net financial position as of Dec. 31 was positive and EUR22.7 million, while the figure for the end of 2022 was EUR24.3 million.

Marcello Perini, Gefran Group CEO, commented, "The results achieved during 2023 are undoubtedly satisfactory and once again highlight the group's solidity and its ability to reliably face and manage uncertainty while remaining sustainable and profitable."

"In fact, we closed the financial statements in line with forecasts, consolidating the margins and economic-financial milestones achieved in the previous year, despite a decidedly complex context, influenced by multiple factors, including inflation trends, geopolitical tensions, and the management of the consequences of critical issues on the supply chain."

"The group's priority for the new fiscal year remains market development, supported by organizational reinforcements, new products, and sustained investments in expanding manufacturing capacity. The forecast for 2024 is positive in terms of margins. On the revenue front, at the beginning of the year, demand is confirmed to be in line with the trends of the last quarters of 2023 and suggests values in line with the previous year. However, possible growth from the second half of the year is not ruled out as a result of possible positive developments in the macroeconomic environment."

Gefran trades in the green by 1.3 percent at EUR7.93 per share.

By Claudia Cavaliere, Alliance News reporter

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