(Alliance News) - The board of directors of Sabaf Spa on Tuesday approved the interim report for the first quarter of 2024, closing with a net profit of EUR4.3 million from a loss of EUR800,000 in the first quarter of 2023.

Adjusted Ebitda for Q1 2024 was EUR10.6 million, or 15.3 percent of sales and up 47.9 percent from EUR7.1 million -- 12.3 percent of sales -- in Q1 2023.

The group benefited from a significant recovery in business volumes and increased capacity utilization at major plants.

Adjusted operating income was EUR5.8 million compared to EUR2.9 million in Q1 2023.

As of March 31, net debt was EUR77.1 million from EUR73.2 million as of December 31, 2023 and EUR86.4 million as of March 31, 2023.

Consolidated shareholders' equity was EUR176.7 million from EUR170.4 million in the first quarter 2023.

Looking ahead, the company writes that "the sales performance and order book for the coming months point to a further improvement in the results achieved in the first quarter. An increasing contribution during the year is expected from sales of induction cooking components and new production facilities in India and Mexico."

Sabaf on Tuesday is up 1.4 percent to EUR18.25 per share.

By Maurizio Carta, Alliance News reporter

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