BAKU, Azerbaijan, April 24. Saipem, one of the leading global engineering and construction firms in the energy sector, based in Italy, unveiled its financial performance for the first quarter of 2024, Trend reports via the company.
Saipem reported a significant increase in revenue, totaling €3,047 million compared to €2,582 million in the corresponding period of 2023. This notable uptick reflects the company's ability to capitalize on market opportunities and execute projects efficiently.
The company demonstrated enhanced profitability with an adjusted EBITDA of €268 million, representing 8.8% of revenue. This marks a substantial improvement from the previous year's adjusted EBITDA of €191 million, equivalent to 7.4% of revenue. Saipem's focus on operational excellence and cost management initiatives contributed to this positive outcome.
Saipem achieved a positive net result of €57 million during the first quarter, a notable turnaround from the breakeven result recorded in the corresponding period of 2023. This achievement underscores the effectiveness of the company's strategic initiatives in driving bottom-line growth.
The company continued to invest in its future growth, with capital expenditure amounting to €92 million, compared to €77 million in the same period last year. These investments are aimed at enhancing Saipem's capabilities and competitiveness in key markets.
Saipem's post-IFRS 16 net financial position revealed a net debt of €209 million, reflecting a significant reduction from €261 million as of December 31, 2023. Meanwhile, the pre-IFRS 16 net financial position indicated net cash of €284 million, demonstrating the company's strong liquidity position.
Despite market challenges, Saipem secured new contracts worth €2,001 million during the quarter, showcasing its ability to win projects and sustain growth momentum. While this figure represents a decrease from the corresponding period of 2023, it underscores Saipem's continued success in securing new business opportunities.
Saipem's backlog remained robust at €28,756 million, providing solid revenue visibility for the future. This figure, although slightly lower than the backlog reported at the end of 2023, underscores the company's strong project pipeline and long-term growth prospects.
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