SOL SpA, a multinational leader in technical gases, has published robust 2010 full year consolidated results
SOL SpA, a multinational leader in technical gases, has published robust 2010 full year consolidated results.
The company, who operates from Italian headquarters in the beautiful Monza, recorded consolidated sales of €518.9m, which reflects a 12.2% increase on 2009. Likewise, EBITDA increased by 12.7% on the same period, equating to €123.6m. Similarly, EBIT rose by 19.6% to €59.6m, while consolidated net profit appreciated by 27.1% to a positive €31.9m.
A listed company on the Italian Stock Exchange, SOL SpA, acts as a holding company to a group of 53 companies across 18 European countries. Given trans-European operations, it is perhaps unsurprising that the company has posted such positive financial results. Indeed, with production plants in countries as diverse as Albania, Serbia-Montenegro and Germany, the group is well positioned to be resilient to regional economic fluxes.
In light of these fiscal results, the Board of Directors plans to propose distribution of a dividend of €0.095 per ordinary share at the forthcoming Shareholders’ meeting, scheduled for 13th May 2011. In comparison, the company distributed dividends of €0.084 per ordinary share in 2009.
According to the firm, the SOL Group’s annual growth was even more remarkable given the moderate recovery experienced in the industrial gases sectors. SOL attributed this resilience to a trio of factors; growth in sales abroad, a positive trend of less cyclical sectors such as food, environment and health, and finally to the company's latest acquisitions in the home care business.
Indeed, sales figures ratified these statements. Sales in Italy grew by 9.3% while those abroad increased by a solid 16.5%, representing 42% of the total turnover. A more detailed breakdown reported a 16.9% growth in the homecare business, operated through VIVISOL, while the technical gases sector appreciated by 9.7%.
• Homecare sector sales of €213.4m
• Technical gases business sales of €325.1m
• According to SOL, EBITDA increased due to strict control of operational costs, and improved efficiency in production and distribution.
• EBIT of €59.6m, compared to €49.9m in 2009.
• Consolidated net profit of €31.9m, increasing 27.1% versus 2009 net profit of €25.1m.