(Alliance News) - Frendy Energy Spa reported Thursday that it closed 2023 with a net profit of EUR239,000, which compares with a loss of EUR3.3 million in the previous year.

Revenues rose to EUR1.8 million from EUR1.2 million, and this increase was driven by increased water availability, especially in the second half of the year, which allowed the Group to increase production by about 3 GWh compared to the previous year.

Ebitda increased to EUR758,000 from EUR130,000 a year earlier while operating income of EUR219,000 compares with an operating loss of EUR4.5 million in 2022.

Net financial debt as of December 31, 2023 is EUR2.5 million positive, an improvement of EUR1.0 million from December 31, 2022, due to solid working capital management.

The company expects, for 2024, Ebitda to further improve if the recovery in hydraulicity continues.

Frendy Energy's stock closed Thursday up 2.1 percent at EUR0.19 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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