The Veneto-based company has published its financial results for the first nine months of 2021. I revenues amounted to 286,2 million euros, up 26,1% compared to 226,95 million in the same period in 2020. The growth was driven by the sales of Janz, a Portuguese company operating in the Water Metering sector acquired at the end of 2020 which achieved revenues of 16,1 million euros in the first nine months of 2021.
Instead, the gross operating margin increased from 32,4 million to 41,96 million, an increase of 29,5%;. As a result, the margin rose to 14,7%. The company listed on the MTA segment of Borsa Italia achieved characteristic sales of 2021 million euros in 282,9.
Consolidated core sales highlight the different performance of the two divisions of the Group during 2021. Sales from Heating Division in the first nine months of 2021 they amounted to 220,9 million euros (+26,7% compared to the first nine months of 2020). In the third quarter of the year, core sales of the division recorded an increase of 9,4% compared to the third quarter of 2020, equal to 76,2 million euros. Against 69,6 million in the same period of 2020. This result reflects the positive impact of the incentives.
With regard to the Metering Division, in the first nine months of 2021 sales amounted to 62 million (+22,6% compared to the same period of 2020), of which Smart Gas Metering sales for 46,7 million and Water Metering for 15,3 million. In the third quarter, core sales of the division amounted to 18,8 million, a sharp decrease compared to 2020 by 19,5%.
THENet income it fell to 9,1 million euros, against 11,38 million in the first nine months of 2020, down 20%. This is due to the increase in net financial charges which during the period were recorded for 11,5 million euro, including non-recurring charges due to the increase in value of outstanding Sit Warrants. While consolidated net profit stood at 15,8 million, 5,5% of revenues, against 11,8 million, 5,2% of revenues in the first nine months of 2020, up by 33,7%.
At the end of September 2020 thenet borrowing had risen to 123,7 million euros, compared to 116,1 million at the end of 2020. Despite the constant uncertainty linked to the supply chain and the volatility of component costs, Sit confirmed the forecasts for 2021 published on the occasion of the approval of the half-year results.
Specifically, the company expects to achieve sales in the second half of 2021 for a value substantially in line with the first half, achieving year-on-year growth of between 15% and 20%. Consolidated Ebitda for the year is expected to grow, in line with the previous year taking into consideration the impact in the second half of the increase in raw materials and the annual effect of development and structural costs to support growth .
“In the first nine months of the year we confirmed the growth trend on foreign markets, driven by Heating and Water Metering – declared Federico de' Stefani, President and CEO -. The uncertainty and volatility of the supply chain have been addressed thanks to an international team that has allowed to mitigate the impact of the shortage on production and deliveries. In the coming months, given the persistence of this scenario, the contribution of this team will continue to be fundamental. We have continued to invest time and resources in supporting research and development to maintain our leadership and make our contribution to the energy transition”, concluded de' Stefani.
