Home » Saipem returns to profit in 2023, sees dividend on 2024 results From Reuters

Saipem returns to profit in 2023, sees dividend on 2024 results From Reuters

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Saipem returns to profit in 2023, sees dividend on 2024 results From Reuters

© Reuters. The Saipem logo on the deck of a ship in the port of Genoa. REUTERS/Alessandro Garofalo

MILAN (Reuters) – Saipem (BIT:) closes 2023 with growing revenues and a return to profit, promises the distribution of a dividend on the 2024 results and approves the strategic plan to 2027 with an improvement in the economic-financial objectives.

The company “updated the strategic lines presented in February 2023 to confirm the progressive improvement of the group’s performance and its ability to fully grasp the favorable market context”, we read in a note.

Specifically, for 2024 revenues of between 12.7 and 13.3 billion euros are expected, an Ebitda margin of approximately 10%, operating cash flow (net of rental payments) of 740-780 million and investments for approximately 440-480 million.

With reference to the entire 2024-2027 plan period, the company expects acquisitions of new orders for around 50 billion and orders in the ‘low/zero carbon’ segments equal to around a third of the total.

The CAGR of revenues is seen at 4-5% in the period 2023-2027, the Ebitda margin at around 12% in 2027, the operating cash flow (net of rental fees) at around 3 billion and investments at approximately 1.4 billion.

Dividends equal to approximately 30-40% of free cash flow (net of rental payments) are also expected, with coupon payments in 2025 based on the results expected in 2024.

As regards 2023, the group achieved revenues of 11.87 billion (+19% compared to 2022), adjusted Ebitda of 926 million (+56%) and new orders acquired for approximately 18 billion (with over 70% of acquisitions in offshore businesses).

The net result recorded a profit of 179 million from a loss of 209 million.

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In the fourth quarter alone, revenues stood at 3.51 billion (+20%) and the adjusted Ebitda at 286 million, almost doubled compared to the corresponding quarter of 2022.

(Sabina Suzzi, editing)

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