Sabaf Group: positive outlook for the first quarter 2024

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For Sabaf Group the beginning of 2024 is characterised by a positive business trend. Based on the sales to date and the order book, the company expects double-digit sales growth in the first quarter compared to the same period last year. The recovery in production volumes will help to improve profitability. Besides, the technical and commercial synergies with the recently acquired companies (PGA and MEC), the product diversification initiatives (particularly in the induction cooking components segment) and the internationalisation (with the activities of the new production plants in India and Mexico) will contribute to the 2024 results and ensure the Group’s sustainable growth in the medium and long term. “2023 – Pietro Iotti, Chief Executive Officer, says – was largely characterised by weak demand. The signs of recovery that emerged in the second half of the year gradually consolidated, resulting in better results in the last quarter than in the same period of 2022. The activities in the first few months of 2024 show a significant recovery in all Divisions, the result of signs of improvement in the market and the implementation of the Group’s development plan, which is based on geographical diversification, innovation and the expansion of the product range. We expect double-digit growth in the first quarter and the orders already booked for the second quarter confirm a similar trend”.
In the fourth quarter of 2023, the Sabaf Group recognised normalised sales revenue of €62.8 million, an increase of 18.3% compared to the fourth quarter of 2022 (+6.6% on a like-for-like basis). Normalised EBITDA was €8.7 million, or 13.8% of turnover and up by 42.1% compared to €6.1 million (11.5%) in the fourth quarter of 2022. Besides, normalised EBIT was €4.4 million (6.9%), up 157.3% compared to €1.7 million in the fourth quarter of 2022 (3.2%). And normalised net profit was €5.8 million (€4.6 million in the fourth quarter of 2022).
Finally, the Sabaf Group ended the 2023 financial year with normalised sales revenue of €239.1 million, down 5.1% (-12.9% on a like-for-like basis) compared to €252 million in 2022. Normalised EBITDA was €33 million (13.8% of turnover), down 9% from €36.3 million in 2022 (14.4% of turnover), normalised EBIT was €17.5 million (7.3% of turnover) compared to €19.9 million in 2022 (7.9% of turnover). And normalised net profit was €14.2 million (5.9% of sales) compared to €22.1 million (8.8% of sales) in 2022.