Saipema company controlled by Eni with a share of over 21% and active in the oil services and engineering infrastructure sector, presented the third quarter results of the financial year and the first nine months of the year, which highlight a strong growth of economic-financial indicators.
The quarterly accounts
The third quarter ended with revenues of 3.7 billion of euros, in growth of 23.1% compared to approximately 3 billion euros in the corresponding quarter of 2023. Adjusted EBITDA reached i 340 million in the third quarter, resulting in increase of 47.8% compared to 230 million euros in the same period of 2023. The quarter closes with a net result of 88 million euros, which compares with the 39 million euros of the corresponding quarter of 2023. Technical investments in the quarter amounted to 52 million euros and compare with the 67 million euros of the same period of 2023.
Double-digit growth in the nine months
The third quarter closes nine very positive months for the company, which has created a turnover of 10.1 billion euros, up by approximately 21% compared to the almost 8.4 billion euros in the corresponding period of 2023, while adjusted EBITDA it is brought to 905 million euros (equal to 8.9% of revenues), up 41% compared to the 640 million euros in 2023 (equal to 7.7% of revenues). The net result more than doubled to 206 million euros compared to 79 million euros the previous year. The technical investments they amounted to 246 million euros, a slight increase compared to the 206 million euros in the corresponding period of 2023. Net financial position post-IFRS 16 negative by 124 million euros (it was negative by 261 million euros at 31 December 2023).
The order book is growing
During the first nine months of 2024, Saipem acquired new orders for a total of 13.5 billion euros, up compared to the corresponding period of 2023 when they were below 12 billion euros. As of September 30, 2024, the order book amounted to 33.2 billion euros (29.8 billion euros as of 31 December 2023). Including non-consolidated companies, the order book as of 30 September 2024 amounted to 33.4 billion euros (29.9 billion euros as of 31 December 2023).
2024 guidance improved
In light of the results of the first nine months and the outlook for the current quarter, Saipem has improved its guidance for 2024anticipating a growth of revenues at the end of the year above 14 billion of euros, while the EBITDA is expected for 2024 exceed 1.3 billion euros and the Operating Cash Flow (net of reimbursement of leasing fees) is expected to exceed 760 million euros. Capex for 2024 is expected to be less than 400 million euros.
Saipem it also confirms its dividend policy which involves the distribution of approximately 30-40% of Free Cash Flow (net of reimbursement of leasing fees), with the first dividend expected to be paid in 2025 on the 2024 results.
