Saipem’s financial results in the third quarter of 2024
Saipem recently published its results for the third quarter of 2024, surprising analysts with higher-than-expected performance. Revenues reached 3,712 million euros, an increase of 23% compared to the same period of the previous year. This result was accompanied by an adjusted EBITDA of 340 million euros, an increase of 48%. Initial estimates predicted revenues of around 3.41 billion euros and an EBITDA of 327.6 million euros, making Saipem’s results even
more impressive.
New orders and prospects for 2024
The group also announced the acquisition of new orders worth about 6.4 billion euros, a positive sign for the future. In light of these results, Saipem has decided to revise its guidance for 2024 upwards. Forecasts now indicate revenues exceeding 14 billion euros and an expected EBITDA of more than 1.3 billion euros. In addition, Operating Cash Flow, net of the reimbursement of leasing fees, is expected to exceed 760 million euros, while capital expenditures (Capex) are expected to be less than 400 million
euros.
Dividend Policy and Future Expectations
Saipem has confirmed its dividend distribution policy, expecting to return approximately 30-40% of Free Cash Flow to shareholders, net of the reimbursement of leasing fees. The first dividend is expected in 2025, based on the 2024 results, subject to approval by the Board of Directors and the shareholders’ meeting. This news has generated a climate of optimism among investors, who see Saipem as an opportunity for sustainable growth in the oil services sector
.