Franchi Umberto Marmi S.p.A., leading international company in the processing and trading of Carrara marble, listed on Euronext Growth Milan announces that total revenues as of September 30, 2023 amounted to EUR 52.3 million, with a decrease of -17%, compared to the same period of the previous year.
In particular, as of September 30, 2023 sales in Italy reached EUR 23.0 million, decreasing by 11% compared to the same period of 2022, reaching 44% of total sales for the period. The decrease, equal to approx. EUR 2.8 million, is essentially linked to the fact that particularly high values were recorded in 2022 due to some important projects.
Sales in the Middle East in the first nine months of 2023 are equal to EUR 7.2 million, down
compared to EUR 10,5 million in the same period of 2022, when however an extraordinary big project was carried out. The result achieved in the first nine months of 2023 is really important considering that the area has now become the third geographical destination for the products sold by the Company, following Italy and China.
Sales in China amounted to EUR 9.4 million as of September 30, 2023, down by 33% compared to September 30, 2022, whereas the United States recorded revenues of EUR 3.9 million, down by – 35% compared to the same period of 2022.
The results achieved in developing markets such as South Korea (characterized by sales reaching EUR 1.3 million), Mexico (sales of approximately EUR 0.7 million) Turkey (sales of approximately EUR 3.0 million) India and Vietnam (overall with sales of EUR 1.3 million), which were able to partially offset the decline recorded in the markets in which our presence is already consolidated.
Alberto Franchi Chairman and Chief Executive Officer of the Company commented: “The turnover in the first nine months of 2023 recorded a slight decrease compared to the same period of 2022 due to the previous replenish of inventories aiming at restocking distributors’ warehouses following the end of the pandemic period and to the significant orders for important architectural projects. The 52.3 million euros in revenues achieved in September 2023 are an important result for Franchi Umberto Marmi and consolidate a period of growth started in 2018 and still ongoing with a compounded annual growth rate of approximately 3% (referring to the first nine months of 2018 when revenues of Euro 44.9 million were recorded).
Sales in the Middle East, Italy and China in the first nine months of 2023 are decreasing, as in the 2022 they had benefited in part from seasonal factors related to the concentration of some shipments linked to important projects.
In particular, the Middle East is confirmed as our third destination and continues to represent a strategic market thanks to the important urban development projects announced by the main market operators in the area which will continue over the next few years.
Finally, in September we attended Marmomac fair in Verona, receiving an award for our
commitment to promoting the excellence of marble in over 50 years of activity. The event, in its 57th edition, recorded a significant increase in visitors, recovering pre-pandemic participation levels, especially thanks to the strong flow from the Middle Eastern area. The excellent commercial results achieved in this occasion make us particularly optimistic for the last three months of the year, despite a not favourable global context”.