The Sol Group, the Italian company engaged in the production, applied research and marketing of industrial, pure and medicinal gases, has recorded and approved its first half 2007 results and revealed increased consolidated net profit.
The company has recorded consolidated sales of €213.6m, an increase of 8.8% on the same period in 2006, EBITDA of €47.6m and consolidated net profit of €10.9m.
The increase of sales and gross operating profit, influenced by the continuous increase of energy and distribution costs, go hand-in-hand to form the important growth of the EBIT and consolidated net profit.
In comparison to 30th June 2006, sales increased by 5.3% in Italy and 16% abroad, with the technical gases business enjoying increased sales of 5.1% and the home-care business having sales increased by 17.4%.
Marco Annoni, vice president of SOL S.p.A., commented, “We consider positive the results achieved in the first half of 2007. The results show a significant growth, despite the continuous increase of the energy costs. It is a significant signal that confirms our choices about production plant strengthening, product and service range enlargement, internationalisation and diversification in the home-care business.”
In financial terms, operating cash flow is €34.7m compared to €29.7m in the same period of 2006 and total net debt is increased to €121.8m due to the investments made in the first 6 months and the increase of working capital.
SOL chairman Aldo Fumagalli Romario concluded, “In the year 2007, we expect to consolidate the increasing trend of turnover and to improve the profitability of the Group.”