on GEVELOT (EPA:ALGEV)
Gevelot S.A. Reports Mid-Year 2024 Financials
Gevelot S.A. announced its mid-year 2024 financial results, revealing a turnover of €69.7 million, marking an 8.9% decrease compared to the same period in 2023. The downturn is chiefly linked to a slowdown in the Artificial Lift market within the Oil & Gas sector. Current operating income also fell to €4.5 million from €7.8 million due to reduced sales volumes.
The positive financial outcome of €2.4 million, up from €1.7 million, owes to lower interest rates benefiting cash management investments. Net income attributable to the parent company dropped to €4.8 million from €7.8 million.
The company closed its Chilean subsidiary earlier this year and acquired full ownership of Sydex Singapore. As 2024 unfolds, Gevelot anticipates stable rental income but warns of a potential overall decline in revenue due to geopolitical tensions.
R. P.
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