Unprecedented as it was, FY22 enjoyed substantial revenues and operating income thanks to elevated margins. The outlook suggests that margins are unlikely to repeat their FY22 levels but will still remain strong in FY23. The unexpected news of CEO Matteo Codazzi’s resignation (having taken office in only November 2022) and the appointment of Massimo Moratti has, however, raised governance concern about this family-run business.
22 Mar 2023
High middle distillate yield supports the 2023 outlook
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High middle distillate yield supports the 2023 outlook
- Published:
22 Mar 2023 -
Author:
Elif Binici -
Pages:
5
Unprecedented as it was, FY22 enjoyed substantial revenues and operating income thanks to elevated margins. The outlook suggests that margins are unlikely to repeat their FY22 levels but will still remain strong in FY23. The unexpected news of CEO Matteo Codazzi’s resignation (having taken office in only November 2022) and the appointment of Massimo Moratti has, however, raised governance concern about this family-run business.