On May 27, Verona, Italy-based construction steel producer Manni Group announced that in 2010 its consolidated net profit increased by 71.7 percent year on year, while its sales revenue rose by 23.6 percent. As stated by Manni Group, the company has almost returned to its pre-crisis financial perfomance levels:
2010 (€, million) | 2009 (€, million) | Y-o-y change (%) | |
Sales revenue | 508.81 | 411.56 | +23.6 |
EBITDA | 21.97 | 20.97 | +4.8 |
EBIT | 10.83 | 11.59 | -6.6 |
Net profit | 6.92 | 4.03 | +71.7 |
According to the company's statement, Manni Group has managed to enhanced its financial performance despite the deep crisis in the Italian construction sector, which is the primary market for the company's steel products. The group increased its investments in 2010 by 18.4 percent year on year to €9.26 million.
Giuseppe Manni, president of the company, commented, "The 2011 outlook is flat as the forecast is flat for construction, which is our core market. Under actual market conditions, the only way to strengthen our financial performance is to diversify activity, focusing on new products, new businesses and new markets."
In March this year Manni Group set up Manni Energy, a new company designed to create a national network supplying turnkey solutions for photovoltaic systems. The new enterprise will answer the group's diversification needs and will stimulate internal consumption of some of the group's steel products.
Manni Group consists of nine operational companies and 20 production, service and distribution centers in Italy and Europe. Manni Group processes and sells over 600,000 mt of steel products (mainly beams, heavy structural profiles and merchant bars) annually.