BAKU, Azerbaijan, Nov.12
By Leman Zeynalova – Trend:
Maire Tecnimont Group Revenues were €2,052.8 million, up 9.8 percent from January through September 2021, Trend reports with reference to the company.
Volumes reflect the non-linear progress of projects in the backlog, depending on the planned schedules for each project, and showing a continuous upward trend thanks to a progressive normalization process of the activities of the projects in the backlog, which were negatively influenced by the pandemic in the previous months, and the operating start of the newly acquired ones. Contract Gross Profit was €240.0 million, up 9.3% with a Gross Contract Margin of 11.7 percent, unchanged.
EBITDA was €124.1 million, up 10.3 percent thanks to the higher revenues. Margin was 6 percent, unchanged, and in line with the average profitability of EPC projects. Amortization, Depreciation, Write-downs and Provisions were €30.6 million, down 8.2 percent.
Net Financial Charges were €11.6 million, vs. €33.1 million. Such an improvement was driven by the positive net valuation of derivative contracts for €7.2 million vs. a negative value of €11.3 million, which was due to unfavorable exchange rates and lower stock prices due to the pandemic’s impact, leading to a positive change of €18.5 million. Financial charges, net of the aforementioned effects, improved by €3 million.
Pre-tax Income was €81.9 million, up 78 percent. The tax provision was €24.6 million. The effective tax rate was approximately 30 percent, improving vs. the average of the last few quarters, considering the various jurisdictions where Group operations have been carried out.
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