(Alliance News) - Industrie De Nora Spa reported Monday that it ended 2023 with a net profit that rose to EUR231.1 million from EUR89.7 million.

The board of directors proposed the distribution of a dividend of EUR0.123 per share from EUR0.12 in 2022.

Revenues for the period were EUR856.4 million compared to EUR852.8 million in the previous year.

Adjusted Ebitda fell to EUR171.1 million from EUR190.8 million but the margin is expected to at 20 percent-from 22 percent in 2022-that is higher than the guidance of 18 percent to 19 percent.

The backlog amounted to EUR612.1 million compared to EUR789.6 million as of December 31, 2022.

Net financial position as of Dec. 31 shows net cash and cash equivalents of EUR68.2 million, an improvement from EUR51.3 million as of Dec. 31, 2022.

The company also disclosed that it has updated its business plan to 2026, in which revenues are expected to grow at a high single digit average annual growth rate. Growth is expected to accelerate gradually over the three-year period.

Revenues from the energy transition business division are expected to grow at an average annual rate of 40 percent, and the annual adjusted Ebitda margin is expected to be between 18 percent and 19 percent.

Paolo Dellachà, chief executive officer of Industrie De Nora, commented, "The results to 2023, which were already preliminarily approved in February, confirm De Nora's growth trend, accompanied by solid profitability and cash generation capacity. Our business model has once again proven to be resilient, able to overcome the challenges of even a complex macroeconomic scenario."

"The business plan approved today focuses on growth, driven by our Energy Transition division, thanks to our unchallenged leadership, but also supported by the development of the Water Technologies business, dedicated to water treatment, and the stability of the Electrode Technologies business. The plan is also geared toward maintaining solid operating profitability, despite investments for growth, and developing our sustainability path."

Industrie De Nora trades in the green by 2.5 percent at EUR14.54 per share.

By Claudia Cavaliere, Alliance News reporter

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