(Alliance News) - DBA Group Spa reported Thursday that it closed 2023 with a profit of EUR4.0 million up from EUR600,000 in 2022.

The board of directors also proposed a dividend of EUR0.09 per share. The company had not paid a dividend in 2023 from 2022.

Value of production is EUR112.1 million from EUR85.4 million in 2022, up 32 percent.

Ebitda increases to EUR12.0 million from EUR7.2 million in the year 2022, up 68%.

Ebit is EUR7.9 million from EUR3.4 million from the year 2022.

Net financial position is negative EUR8.4 million improving from EUR12.6 million in FY 2022.

At the meeting, the BoD resolved to propose a new buyback program of up to EUR2.0 million to the shareholders' meeting.

As for 2024, the company confirms the main economic figures forecast in the 2024 budget-value of production at EUR116.1 million and Ebitda at EUR12.0 million-but the final 2023 result, it explains, "required a new estimate of the net financial position." NFP in the budget review is expected to be EUR8.8 million, down from the previous estimate of EUR11.3 million.

The projected improvement is mainly due to the result recorded in 2023, which brought a lower net financial position and the NFP/Ebitda ratio to 0.68x.

"In 2023, the group thus achieved the 2026 business plan's financial target of a NFP/Ebitda ratio of less than 1.0x and intends to confirm this target ratio in the new budget forecast as well," the statement reads.

DBA Group's stock rises 4.9 percent to EUR1.93 per share.

By Chiara Bruschi, Alliance News reporter

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