(Alliance News) - The board of directors of Maire Tecnimont Spa on Wednesday reviewed and approved the interim report as of March 31. Net income was net to EUR46.6 million from EUR26.2 billion up 78 percent to 3.7 percent of revenues, up 100 basis points.

Revenues amounted to EUR1.3 billion, up from EUR957.9 billion, "mainly due to the progression of ongoing projects, including the advancement of engineering and procurement activities of the Hail and Ghasha project," spieha the company.

Ebitda is EUR82.1 million, up 42 percent, "due to higher volumes achieved and efficient management of structure costs. The Ebitda margin is 6.5 percent, an increase of 40 basis points, partly due to a higher contribution from technology solutions and high value-added services," the released note says.

Ebit was EUR66.8 million, up from EUR45.9 million in Q1 2023.

Adjusted net cash and cash equivalents as of March 31 -- excluding lease liabilities and other minor items -- were EUR352.0 million, up EUR14.2 million from December 31, 2023.

In light of these numbers, the company confirms its 2024 guidance for all economic and financial parameters, including revenues between EUR5.7 billion and EUR6.1 billion.

Maire Tecnimont on Wednesday trades in the red dedl 2.1 percent at EUR7.18 per share.

By Maurizio Carta, Alliance News reporter

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