GEL, 2022 results down with macro difficulties

Takeover bid DeA Capital provisional results bidder at 978

(Tiper Stock Exchange) – GELa company listed on Euronext Growth Milan and active in the domestic-residential and industrial water treatment sector, closed the 2022 with Net revenues equal to 17.2 million euros, down by 8% compared to the year ended 31 December 2021. Sales in Italy amount to 14.8 million (14.6 million as at 31 December 2021), while sales foreign amounted to 2.3 million (4.0 million as at 31 December 2021), with an incidence of approximately 14% of turnover.

L’EBITDA as at 31 December 2022, equal to 2.2 million (EBITDA Margin by approximately 12.9%), was down by 28% compared to 3.1 million as at 31 December 2021, mainly due to the slight decrease in turnover and the increase in raw material costs. L’Net income is equal to 0.7 million euros (2 million in 2021).

“The results obtained in 2022 were certainly important – commented theTO Aroldo Berto – Despite the difficulties in the procurement of raw materials and the continuous rise in prices, the company managed to maintain the market share and the expected profit levels”.

There Net Financial Position is equal to 5.2 million euros, compared to 3.7 million as at 31 December 2021, an increase of 1.5 million compared to 31 December 2021. The company reports that in 2022 the company made investments for around 2 million relating to the inventory procurement policy which became necessary to contain the effects of inflation.

(Photo: © Veerasak Piyawatanakul)