BAKU, Azerbaijan, Aug.18
By Leman Zeynalova – Trend:
The Maire Tecnimont Group in H1 2021 reported production volumes of Euro 1,327.4 million, increasing 9.2 percent on H1 2020 (Euro 1,216.1 million), which reflected the effects of the COVID-19 pandemic on production, Trend reports with reference to the company.
Revenues reflect the development of portfolio projects and the uneven performance over time, depending upon the scheduling of the individual works, with ongoing growth thanks to the recovery of projects already in portfolio and at the initial start-up of new orders. In addition, as reported in previous quarters, the production performance reflects the reaching of the conclusive phase on a number of prior year EPC orders not yet fully offset by recent order intake.
In the initial part of 2020, nearly all energy companies, due to the COVID-19 pandemic-related events, as an initial reaction to the generalized uncertainty, reviewed their investment programs and postponed final decisions on the start-up of new projects. This situation was temporary and did not structurally change the reference markets. In fact, in the second part of 2020, against the gradual stabilization of the pandemic situation, the natural gas transformation sector companies restarted the validation cycles for new investments, allowing the Group to finalize new major acquisitions. Other new major acquisitions were made also in the initial months of 2021, for which new activities shall begin in the coming weeks. The continuation of activities for projects already in portfolio and the start-up of activities for projects acquired since the beginning of the year are expected to allow an increase in production volumes over the coming quarters, in line with planning, assuming that the pandemic does not worsen over the coming months.
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