(Alliance News) - Palingeo Spa reported that it ended 2023 with a net profit of EUR6.7 million, up sharply from the EUR3.6 million recorded in 2022.

The company's production value rose 15 percent year-on-year to EUR61.5 million from EUR53.3 million in the previous year.

The acquired backlog as of December 31, 2023 is EUR84 million, with new yards acquired in the first quarter of 2024 amounting to EUR19 million. For 2024, a backlog development of EUR61.5 million is expected while for 2025 a development of EUR22.5 million is expected.

On the profitability front, Ebitda increased to EUR13.1 million from EUR8.0 million in 2022 - with margin up to 21.4 percent from 14.9 percent - while operating income is EUR9.5 million from EUR5.4 million in 2022.

Net financial position rises to EUR7.8 million from EUR6.7 million as a result of new loans being taken out, with cash and cash equivalents rising to EUR7.8 million from EUR4.1 million - thanks to good business performance that enabled significant cash generation.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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