The Sabaf Group recorded sales revenue of €37.5 million in the first quarter of 2015, up 13.2% from €33.1 million in the same quarter of the previous year, according to data published by the company. Revenue growth was 11% at constant exchange rates. The analysis of sales by geographical area confirms the increasing contribution of Eastern Europe (thanks to the vital contribution of Turkey), a market where the Group makes 25% of its sales, and of non-European markets, which represented 38% of sales in the period. In addition to the confirmation of the positive trends in Africa, Asia and North America, there was also a recovery in the first quarter in South America (sales of €5.6 million, up 7.9%). All product families contributed to the growth, with peaks above 20% for light alloy valves and special burners. The increase in volumes of activity and the favourable euro/dollar exchange rate enabled an improvement in profitability which was more than proportional with regard to the increase in sales: EBITDA for the period stood at €7.7 million, equal to 20.5% of sales, up 28.2% compared with the figure of €6 million (18.1% of sales) for the first quarter of 2014. EBIT for the quarter was €4.7 million, or 12.6% of sales, an increase of 63.1% compared to €2.9 million in the same period of 2014 (8.8% of sales). Average sales prices fell by 0.6%, while average purchase prices of raw materials did not change substantially. Net profit for the period was €3.1 million, up 105% on the figure of €1.5 million for the first quarter of 2014.
