Maire closes the quarter with profit rising to 46.6 million

ROMA – Maire closes the first quarter of the year with revenues of 1.3 billion of Euro, up 31.9% compared to the same period last year. Net profit amounted to 46.6 million (+77.7%). The gross operating margin (Ebitda) amounted to 82.1 million, up by 41.6%. New order acquisitions in the first quarter of 2024 amounted to 1.2 billion euros, allowing the order book to reach a value of 15.3 billion.

Growth for the years to come too

“We are pleased with the first quarter results presented today and we continue to record a double-digit increase of the main indicators, thanks to constant project execution and a growing contribution of high added value solutions”, he says Alessandro Bernini, CEO of Maire.

“It also continues – he adds – the strengthening our technological offer at the service of decarbonisation of industry. Strong market demand in the downstream segment and significant commercial opportunities – some of which we are confident will materialize in the coming weeks – will support the growth of the group in the years to comein line with the strategic plan we announced in March.

Consolidated financial results as of March 31, 2024

Revenues amount to €1,263.6 million, up 31.9%, mainly due to the progression of projects underway, including the advancement of project engineering and procurement activities Hail and Ghasha. L‘EBITDA and is equal to €82.1 million, growing by 41.6% thanks to the greater volumes recorded and efficient management of structural costs. The margin EBITDA is equal to 6.5%with a increase of 40 basis points, also for a greater contribution of technological solutions and high added value services. Depreciation, write-downs and provisions amount to a total of €15.3 million, an increase of €3.1 million following the marketing of new patents and technological developments and the entry into operation of assets functional to the digitalisation of industrial processes. The Operating Profit (EBIT) is equal to €66.8 million, up 45.7%, with a margin of 5.3%, up 50 basis points. Financial management expresses net income of €0.3 million, compared to €8.4 million of net expenses, thanks also to the contribution expressed by the positive change in the mark-to-market of derivative instruments, as well as by the greater interest income recognized on liquidity .Profit before taxes amounted to €67.1 millionagainst which taxes were estimated for an amount of €20.5 million which correspond to a tax rate of 30.5%, substantially in line with the last few quarters. Net profit amounted to €46.6 million, up by 77.7%, with an impact on revenues of 3.7%, up by 100 basis points. Adjusted Net Cash at 31 March 2024, excluding leasing liabilities (IFRS 16) and other minor items, amounted to €352.0 million, an increase of €14.2 million compared to 31 December 2023. Cash generation operational more than offsets the disbursements relating to the buyback program of €21.0 million and the investments of the period amounting to €8.7 million, mainly linked to the expansion of the technology portfolio and digital innovation projects. Consolidated equity is equal to €591.3 million, an increase of €11.6 million compared to 31 December 2023, taking into account the profit for the period, net of the purchase of treasury shares and the effect linked to the fluctuation of currencies.