El Vidrala Group, a company specialising in the manufacture of glass containers, has reported - in the first nine months of 2024 - sales of €1.216,4 million, which represents an increase of +1,9% over the previous year. At constant exchange rates, sales registered a growth of +0,9%, excluding the effect of the change in scope due to the consolidation of Vidroporto's results from 1 December 2023 and the exclusion of Vidrala Italia, reported as discontinued operations from 1 March 2024.
In terms of gross operating profit, Vidrala achieved an EBITDA of 337,7 million euros, an increase in reported terms of +7,0% over the previous year, reflecting an organic variation of +4,3%, without considering the effect of changes in scope. The EBITDA obtained represents a margin on sales of 27,8%, which represents an expansion of approximately 140 basis points over the previous year.
Net profit rose to €232,1 million, positively impacted by the capital gain associated with the sale of Vidrala Italia in the third quarter. This is equivalent to earnings per share of €7,22, reflecting a growth of +26,2% over the previous year.
At the balance sheet level, debt as of 30 September 2024 stands at €299,1 million. It represents a leverage ratio equivalent to 0,7x pro-forma EBITDA for the last twelve months. These figures include disbursements for recent corporate transactions, including the debt acquired, as well as the effect of the sale of Italy.
Reiterates its forecasts for the entire year 2024
The business continues to progressively reflect the benefits of recent strategic actions, which have been aimed at diversifying and refocusing operations, offering differentiated services, selectively reorganizing the industrial structure and improving production facilities.
Despite the global environment of moderate growth, margins remain strong, cash generation exceeds expectations and the financial position continues to strengthen. All of this puts Vidrala in a favourable position to face the current context, supported by the integration of Vidroporto in Brazil, the optimisation of industrial capacity in the Iberian Peninsula and the expansion of unique packaging services in the United Kingdom.
Looking ahead to the end of the 2024 financial year, and despite the weaker consumer environment in some of its regions, the company reiterates its prospects of achieving an EBITDA of over 450 million euros, as further proof of the strength of its business profile.
Photo: Raul Gomez, CEO of Vidrala.
