Saipem, thanks to gas and oil orders for the top five years – Repubblica.it

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MILAN – Companies can be well managed, making efficiency and keeping costs under control. But then they have to "invoice". The small ones, like the big ones, if the business doesn't run they go into trouble. This is why the most relevant figure that explains the good reaction of the Stock Exchange to Saipem's nine average data is that relating to new orders. At the end of September, the engineering company controlled by the Treasury and by ENI and specialized in the research and extraction of hydrocarbons, can boast an order portfolio of 24 billion. This is the highest level in the last five years, thanks to which Saipem could definitely put the "big chill" on the company behind it after the first profit warning launched in 2013 and the restructuring of the company.Moreover, as an engineering company, Saipem lives on the contracts that it can subscribe to as well as their level of profitability. After a long crossing of the desert, as had been defined by the company management, Saipem now sails in calmer waters. As the accounts of the first nine months of 2019 reveal, approved yesterday by the board of directors: from January to September, Saipem acquired new contracts for 13.9 billion (they were 6.1 billion last year), with a return to profit of 44 million against the loss of 357 million in the same period a year ago. It must be said that the sharp decline in write-downs (from 374 million to 47 million) weighs favorably on the net result. But at the same time, revenues for the nine months rose to 6.75 billion (+ 11.4% on the same period in 2018), and even more profitability with gross operating profit up to 866 million, up 35% compared to the same period of one year ago.
What are the improvements due to? There is no doubt that Saipem has benefited from the recovery in crude oil prices, which has restarted high-level investments, especially in the off-shore sector, for large marine deposits, at least in the last three years. In particular, at the ocean depths, where Saipem can boast a proven track record and a competitive advantage. The market moment for on shore operations is more complex: in this case, there is more competition and the improvement in results for Saipem has come from the efficiency of the research and development of the fields. Even for gas, despite the fall in market prices in recent months, demand remains high worldwide, because it is seen as the fuel that can best support and support the development of renewables in the energy transition.All this made the CEO of Saipem, Stefano Cao, say that there are "technical conditions" for a return to the dividend. During the meeting with the financial community for the presentation of the data, Cao has specified that "the dividend is a decision of the shareholders. The conditions are the return to profit and since now, with a return to profit, these conditions there are, the council will take the decisions ".

For the Eni school manager, there are now all the conditions for a return to profit even by the end of the year. Which is a good business card by looking at the round of appointments that the Government will have to face next spring in public subsidiaries. Cao can be one of the names that can also be used by Eni, in the event that Palazzo Chigi wanted to think about a change at the top.

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Topics:
Petroleum
Saipem
Eni
quarterly
Protagonists:
Stefano Cao



Source link
https://www.repubblica.it/economia/2019/10/24/news/saipem_-239369155/

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