EQS-News: SBO with record sales and excellent preliminary results for 2023

SBO with record sales and excellent preliminary results for 2023

Ternitz/Vienna, 17 January 2024. Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed in the ATX leading index of the Vienna Stock Exchange, announces its preliminary results for the fiscal year 2023, demonstrating excellent financial performance both top and bottom line.

SBO achieved an all-time high in sales totaling MEUR 585 for the year, an impressive 17% growth on top of already high sales in 2022 (MEUR 501.2). Profit from operations  (EBIT) also outperformed last year’s results, increasing from MEUR 96.2 to MEUR 104 in 2023. Adjusted for foreign exchange gains and losses, EBIT grew by 22 % to MEUR 111 (adj. EBIT 2022: MEUR 90.9), leading to a remarkable adjusted EBIT margin of 19 % for the full year (adj. EBIT margin 2022: 18.1 %). Profit before tax of MEUR 95 was also above last year (2022: MEUR 93.3) whereby the higher EBIT in 2023 was largely offset by one-off expenses in the financial result. 

The improved operating results compared to 2022 were driven by an outstanding year of the Advanced Manufacturing & Service (AMS) division, thanks to thriving international markets and excellent operational execution. The Oilfield Equipment (OE) division recorded robust results despite a reduction of drilling and completion activities in the US market in 2023. The division showed a strong finish of the year with significant quarter-over-quarter growth and improved profitability in the fourth quarter.

SBO finished the year with a strong balance sheet, complemented by a healthy cash balance of MEUR 162 (2022: MEUR 287.8). With these results, the Executive Board will propose a dividend payment of EUR 2.00 per share.

CEO Klaus Mader, in reflecting on the year's success, concludes, "In 2023, once again, we demonstrated our operational strength. We achieved record sales, supported by the excellent performance of our AMS division resulting in high profitability. A high order backlog, the rebounding of the OE division in the fourth quarter and solid market fundamentals make us confident going into 2024. Thanks to our healthy balance sheet and our continuous cash flow generation we are well positioned to invest in future growth."

Note: All figures relating to 2023 are preliminary and rounded. The results 2023 will be presented at a press conference on 20 March 2024. 

  About SBO

SCHOELLER-BLECKMANN OILFIELD EQUIPMENT Aktiengesellschaft (SBO) is a globally operating group of companies and world market leader in the manufacture of high-alloy, non-magnetic steels. The SBO Group is engaged in high-precision production of special components for the oil, gas and other industries by applying innovative and additive manufacturing technologies. The SBO Group is equally recognized worldwide for its directional drilling tools and equipment for well completion in the oil, gas, and geothermal industry. With its subsidiaries and about 1,600 employees worldwide, the Group is successfully positioned in technologically demanding, profitable niches. The Group is headquartered in Ternitz, Austria. Making an active contribution to energy transition is a key element of the Group's Strategy 2030. More detailed information on the Strategy 2030 and sustainable management (ESG) is available in the Annual Report 2022 at https://www.sbo.at/publikationen.  

Contact:

Monika Bell Head of Investor Relations Schoeller-Bleckmann Oilfield Equipment AG Tel: +43 2630 315-253 E-Mail: investor.relations@sbo.co.at  

Ildiko Füredi-Kolarik, Senior Advisor Tel: +43 1 504 69 87 DW 351 E-Mail: media.relations@sbo.co.at