(Alliance News) - Sogefi Spa reported Friday that it closed 2023 with a profit of EUR57.8 million, up 95 percent from EUR29.6 million in 2022.

Consolidated revenues grew 5.5 percent over 2022 to EUR1.62 billion from EUR1.54 billion.

Ebitda of EUR221.4 million increased 14 percent from EUR195.1 million, with an Ebitda margin of 13.6 percent from 12.6 percent, due to growth in volumes and contribution margin.

Ebit was EUR105.2 million, up 49% from EUR70.5 million, with an Ebit margin at 6.5% of sales, up from 4.6% in 2022.

Free cash flow was positive at EUR37.9 million from EUR29.3 million in 2022, and net debt as of December 31, 2023 fell to EUR200.7 million from EUR224.3 million as of December 31, 2022.

The board of directors, "in view of the result for the period and the financial strength of the group," will propose to the shareholders' meeting on April 22 to allocate the net profit resulting from the financial statements as of December 31, 2023, amounting to EUR6.7 million as a unit dividend of EUR0.20 to each of the outstanding shares totaling EUR23.7 million, with EUR16.99 million to be allocated to the "Retained Earnings Reserve" and EUR6.7 million to the 2023 net profit.

The dividend will be paid from May 8, subject to ex-dividend date on May 6 and "record date" on May 7.

In the fourth quarter of 2023, revenues increased to EUR375.3 million from EUR384.6 million in the same period of 2022, and Ebit amounted to EUR16.0 million from EUR6.6 million. Profit for the period amounted to EUR12.0 million from a loss of EUR3.4 million.

As for 2024, "in the absence of deteriorating factors in the macroeconomic scenario compared to the current one," the company "expects low single-digit revenue growth, higher than forecast on the automotive market, and operating profitability, excluding nonrecurring charges, at least in line with that recorded in fiscal 2023."

"In case of deconsolidation of the Filtration division, on the perimento in continuity - Suspensions and Air & Cooling -, the same evolution of revenues, a progression of operating profitability and a positive net result are expected," the company further specifies.

Sogefi's stock closed Friday up 2.9 percent to EUR2.05 per share.

By Chiara Bruschi, Alliance News reporter

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