Home » Saipem revises profit in 2023 and announces the return to the dividend in 2025

Saipem revises profit in 2023 and announces the return to the dividend in 2025

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Saipem revises profit in 2023 and announces the return to the dividend in 2025

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Saipem closes 2023 with a return to profit (179 million compared to a loss of 209 million the year before) and with all the main economic-financial indicators showing strong growth, starting from the adjusted EBITDA up by 56%. , at 926 million), and by revenues which recorded an increase of 19%, to 11.8 billion. All thanks to the strong driving force of the last quarter, supported by the more than positive performance of all offshore businesses (both drilling and engineering and construction), and an order intake that CEO Alessandro Puliti defines as “unprecedented” and equal to around 18 billion (36.5% more than 2022).

The return to the dividend in 2025

In short, a photograph full of lights which also characterizes the updating of the strategic plan. So much so that the board of directors also gives the green light to a dividend policy which envisages a return to the dividend in 2025, based on the results expected in 2024, all revised upwards: revenues between 12.7-13.3 billion euros, a ebitda margin of around 10% and investments of around 440-480 million euros, with an operating cash flow (net of rental payments) between 740 and 780 million. While, in 2027, the group expects to bring the acquisition of new orders to around 50 billion (with a third of the total in the zero and low carbon segments) and to guarantee a compound annual growth rate (CAGR) of revenues of 4- 5% in the period 2023-2027, with an ebitda margin of approximately 12% at the end of the plan and an operating cash flow (net of rental payments) of approximately 3 billion euros. As for dividends, they will be equal to approximately 30-40% of free cash flow, always deducting rental payments.

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Puliti: unprecedented order collection in 2023

«2023 was an important year of growth and consolidation. In fact, with the commitment of all Saipem people, we have achieved the highest net profit in the last ten years and we will close 2023 with an unprecedented order intake of 18 billion euros”; commented the CEO Alessandro Puliti who will illustrate the results to the market tomorrow, Thursday 29 February together with the CFO Paolo Calcagnini.

The CEO: we aim to improve the economic-financial targets

For the number one, the company’s positive performance «was possible thanks to the trust of shareholders, customers and the contribution of the entire company, which worked to achieve a significant operational and financial turnaround. Our strategic plan and the favorable market context now allow Saipem to aim for a further improvement in its economic-financial objectives. Today we look to the future by focusing on excellence in project execution, operational flexibility and an integrated approach between business areas, further expanding our offering in the low and zero carbon segments.”

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