(Alliance News) - Zignago Vetro Spa reported Tuesday that it closed the first nine months with revenues up 18 percent year-on-year to EUR545.9 million from EUR464.3 million in the same period last year.

Ebitda flew to EUR168.5 million from EUR97.3 million and operating profit rose to EUR116.0 million from EUR51.9 million.

Pre-tax income showed an increase to EUR110.7 million from EUR59.6 million while net income more than doubled to EUR95.6 million from EUR44.1 million.

Net technical investments made in the first nine months by group companies amounted to EUR41.2 million from EUR58.6 million in the same period in 2022. Payments from suppliers of fixed assets amounted to EUR46 million as of September 30, 2023; they were EUR70.8 million in the first nine months of 2022.

Free cash flow generated by the group, before payment of technical investments, is EUR158.1 million from EUR73.6 million as of September 30, 2022; after payment of technical investments of EUR46 million and dividends of EUR53.3 million, free cash flow is positive and equal to EUR112.2 million compared to the positive value of EUR2.8 million as of September 30, 2022.

The group's net debt as of September 30 was EUR224.7 million compared to EUR284 million as of December 31, 2022 and EUR281.3 million as of September 30, 2022. In the third quarter, net debt decreased by EUR36.5 million. Group liquidity was EUR106.3 million as of September 30, unchanged from December 31, 2022 but up from EUR102.5 million as of September 30, 2022.

Zignago Vetro also announced that Biagio Costantini has assumed the role of general manager of the company effective today.

"The decision to appoint a general manager is aimed at ensuring a strengthening of the group's managerial and organizational structure, for which Costantini's contribution will be of great importance," the company explained.

Biagio Costantini will report to the chief executive officer, Roberto Cardini.

Zignago Vetro's stock is up 2.2 percent at EUR12.98 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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