Maire, profit on course: close to 100 million
Profit jumped by 79.6 % in the six-month period - New orders in the period amounted to 3.4 billion
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Maire Tecnimont closed the first half of 2024 with a net profit of €97m, up 79.6% from a year ago, with the margin rising from 2.7% to 3.7%. Revenues rose by 33.5% to EUR2,623.6m, 'thanks to the steady progression of projects underway,' a note said, 'including the advancement of engineering and procurement activities of the Hail and Ghasha project'. Ebitda was EUR 170.4m, up 40.9%, 'driven by higher volumes achieved and efficient management of structural costs'. The Ebitda margin was 6.5%, up 30 basis points, 'also due to a greater contribution from technology solutions and high value-added services'. Ebit amounted to EUR 139.7 million, up 47.4%, with a margin of 5.3%, up 50 basis points. New order intake in H1 2024 amounted to EUR 3.4 billion, compared to EUR 2.3 billion in H1 2023.
In the light of the half-year accounts, Maire confirmed the Guidance 2024, which envisages revenues between EUR 5.7 and 6.1 billion, EBITDA between EUR 360 and 405 million, capital expenditure between EUR 140 and 170 million, and adjusted net cash and cash equivalents up from 31 December 2023 (EUR 337.9 million).
Adjusted net cash and cash equivalents as at 30 June 2024, excluding lease liabilities (Ifrs 16) and other immaterial items, amounted to EUR 357.5 million, an increase of EUR 19.6 million compared to 31 December 2023. The generation of operating cash more than offsets outlays related to capital expenditure of EUR 26.2 million, dividends of EUR 63.5 million and the buy-back programme of EUR 47.3 million. Total capital expenditure, mainly dedicated to the expansion of the technology portfolio and digital innovation projects, amounted to EUR 57.2 million, also including the deferred and earn-out components of the purchase prices of HyDEP, Dragoni Group and GasConTec and the additional shares in MyReplast. Consolidated shareholders' equity amounted to €559.2 million, a decrease of €20.5 million compared to 31 December 2023, due to the distribution of dividends for the financial year 2023, purchases of treasury shares and foreign currency fluctuations, partially offset by the profit for the period.
