Solvay SA (SVYSF.PK, SVYZY.PK), a Belgian chemical company, on Wednesday reported significantly higher net earnings in its fourth quarter.
On a continuing operations basis, the company recorded a loss, compared to prior year's profit, amid a drop in revenue, mainly due to lower volumes and prices.
Profit for the quarter attributable to Solvay shareholders grew to 1.43 billion euros from last year's 412 million euros.
Basic earnings per share were 13.65 euros, up from 3.97 euros last year.
Solvay's financial statement reflects the partial demerger completed on December 9, 2023, with the Specialty businesses transferred to Syensqo classified as discontinued operations for 2023.
Loss from continuing operations was 258 million euros or 2.48 euros per share, compared to prior year's profit of 133 million euros or 1.26 euros per share.
For the fourth quarter, Solvay reported net underlying earnings of 191 million euros or 1.82 euros per basic share, lesser than 396 million euros or 3.81 euros per basic share, reported for the same period last year.
Underlying profit from continuing operations plunged to 34 million euros or 0.30 euro per basic share from 190 million euros or 1.81 euros per basic share a year ago.
Underlying EBIT dropped to 152 million euros from previous year's 248 million euros.
Underlying EBITDA was at 238 million euros as against last year's 335 million euros.
Net sales were 1.131 billion euros, down 16.8 percent from previous year's 1.359 billion euros.
The Board will propose a total gross dividend of 2.43 euros per share. If approved and taking into account the interim gross dividend of 1.62 euros per share paid on January 17, a final gross dividend of 0.81 euro per share will be paid on June 5.
For the full year 2024, Solvay expects an organic growth of the underlying EBITDA by negative 10 percent to negative 20 percent versus a high comparison base in 2023, especially in the first-half. This translates into a range of 925 million euros to 1.040 billion euros.
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