Maire Tecnimont does not rule out having to suspend its activities in Russia due to the European sanctions triggered in the wake of the conflict in Ukraine.
“The evolution of the European sanctioning framework, which has intervened from the beginning of the crisis until today, has made it increasingly complex to carry out activities on projects
in progress, so much so as to foresee, if there are no substantial improvements to the existing situation, to arrive at a progressive suspension of all operating activities within the first half of the current year “, announced the group, on the occasion of the quarterly accounts.
As early as the end of February, the effects induced by the sanctions slowed down Maire’s activities on projects underway in the Russian Federation, while commercial activities to sign new contracts in the country were suspended.
At the end of April, the order backlog relating to projects under completion in Russia amounted to approximately € 1.1 billion, equal to approximately 12% of the overall portfolio, with an expected development in time, under normal operating conditions and therefore before sanctions, in the period 2022-2024. To date, however, Maire cannot confirm the continuation of activities on these projects beyond the first half of the current year and, therefore, the operational resources involved could be progressively redirected to other projects from which greater production is expected in the coming months compared to what was previously planned.
As regards the quarterly results, Maire Tecnimont recorded revenues of 728.4 million in the first quarter of the year, an increase of 16.4%. Consolidated net profit amounted to 17.9 million, up 0.8%, while group net profit rose 1.5% to 18.4 million.