SICIT continues to grow. Arzignano-based tannery closed 2019 with a revenue of 56.7 million euro, up 1.6 million from 2018’s 55.1 million. Net revenue and EBITDA were also up. Respectively, the first one incremented by December 31st, 2019, the 12.1 million euro mark, against 11.3 from the previous year. The second one was of circa 20.3 million euro (about 35.8% of total revenue).
SICIT continues to grow
The revenue increase derives from “the growing profits of the products for about 0.3 million euro (+0.6% in comparison to 2018)”, explains the group. The result was obtained “thanks to the incremented income from agricultural products (+0.9 million, +2.8% in comparison to 2018). There results were slightly offset by a decrease in the sales of industrial products (retardants, fats and other) for -0.6 million euro, or -2.4% in comparison to 2018”. Moreover, SICIT’s positive result was also achieved thanks to the “increment of the “services” unit, up by 1.2 million (+61% from 2018) due to the price increase on the collection of tanning sub-products for 2019”. After this fiscal year, SICIT has began the translisting process, with the goal of listing its shares (options and warrant) on the MTA, STAR segment of the Italian Stock Exchange.
The comment
“2019 has been a year of deep transition for SICIT, during which we have created the base to accelerate our growth and internationalization process, with a medium-long term view – explains the CEO Massimo Neresini (to the right in picture) -. Overall, thanks to everybody’s efforts, we were able to overcome many difficulties we were facing, closing a period of moderate growth and great profitability. 2020 will be just as challenging as it will be the year of our IPO onto the MTA, the increase of our product line, the strengthening of the production capacity in Italy and the creation of the base to build a production site abroad. We will continue to work on our strategic priorities to consolidate our leadership and remain the main player for a circular economy”.
