A booming upstream investment market boosted Saipem’s order intake and revenues by a respective 86% and 53% in FY22. The diluting backlog review, higher net financial expenses, higher taxes paid on revenues, a significant negative contribution from equity investments and the closure of the Russian activities all led to a negative net result, preventing Saipem from enjoying a net profit in an auspicious market environment.
09 Mar 2023
FY22: Revenues and order intake soar, profits still missing
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FY22: Revenues and order intake soar, profits still missing
- Published:
09 Mar 2023 -
Author:
Elif Binici -
Pages:
4
A booming upstream investment market boosted Saipem’s order intake and revenues by a respective 86% and 53% in FY22. The diluting backlog review, higher net financial expenses, higher taxes paid on revenues, a significant negative contribution from equity investments and the closure of the Russian activities all led to a negative net result, preventing Saipem from enjoying a net profit in an auspicious market environment.