TRIESTE – Somec, a Veneto-based company specializing in the engineering, production, and installation of complex projects in civil and naval engineering, has approved its 2024 draft financial statement. The figures pushed the company’s stock up sharply, reaching €11.40 per share (+8.5%). Last year closed with revenues of €383 million (+3.2% compared to €371.0 million in 2023) and an adjusted EBITDA (i.e. excluding extraordinary items) of €30.1 million — a strong increase (+65.5%) compared to €18.2 million in 2023. The consolidated net result remains negative, but the €0.5 million loss marks a clear improvement over the €11.6 million loss recorded in 2023.
Revenues — the company explains — were driven by the strong performance of the Horizons division, which delivers engineered systems for naval architecture and civil façades, and saw increased activity. Notably, the naval refitting segment achieved excellent results by capitalizing on strong current demand. Margins also improved significantly thanks to greater operational cost efficiency and a mix of higher-value contracts, particularly in the refitting segment and the North American glass façade market, which were the main profitability drivers during the period.
“In 2024 we worked with determination to generate cash and improve the Group’s profitability, achieving excellent levels of EBITDA and Net Financial Position. We are satisfied with the results achieved, which are the outcome of strong commitment across the team, the addition of high-level professionals, and investments in training and process optimization. Looking to the current year,” explained Oscar Marchetto, Chairman of Somec, “our focus remains on the continuous improvement of margins, with the goal of further strengthening the solidity and sustainability of our business model. The order backlog — which continues to grow steadily and significantly, as demonstrated by the contracts awarded in the last quarter — confirms the vitality of the cruise sector, where new shipbuilding and refitting projects continue to roll out.”
