(Alliance News) - SOL Spa reported Thursday that it reported a first-half net profit of EUR79.6 million from EUR64.7 million as of June 30, 2022.

Consolidated turnover for the period amounted to EUR735.7 million, up 12 percent from June 30 last year when it was EUR658.2 million.

EBITDA as of June 30 was EUR193.6 million from EUR157.8 million.

Operating income was EUR118.9 million from EUR92.8 million in the same period last year.

The half-year result is positive both in Italy, where sales grew by 5.4 percent, and abroad, where there was an increase of about 17 percent.

Net financial debt of EUR420.5 million, of which EUR70.1 million was for rent, increased by EUR30.8 million compared to the end of 2022, reflecting EUR108.7 million in investments and acquisitions made in the six-month period and dividend payments of EUR25.5 million.

"We assess very positively the results achieved in the first half of the year, which confirm the SOL group's ability to grow in a highly complex and highly volatile economic environment, and to react promptly to the changing scenarios of the economies in which the group operates," commented Marco Annoni, vice chairman of SOL.

"Compatibly with the evolution of the war between Russia and Ukraine, with the trend of energy costs and inflation, and with the ongoing economic slowdown in several countries in which the group operates, SOL will continue, also during the second half of 2023, on its growth path, through the implementation of new production and distribution investments, the concretization of possible acquisition opportunities, and the constant development of innovative and diversification projects. We confirm our objective to consolidate in the year the good sales performance of the first half of the year and to maintain profitability at appreciable levels," commented Aldo Fumagalli Romario, president of SOL.

SOL trades in the red by 0.2 percent at EUR25.30 per share.

By Claudia Cavaliere, Alliance News reporter

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