German chemical company Wacker Chemie AG (WKCMY.PK, WKCMF.PK) on Wednesday reported that its fiscal 2024 results have declined from last year, mainly reflecting persistently weak market conditions. For the year ahead, the company expects growth in all business divisions, despite challenging conditions.
The company posted pre-tax profit of 258.4 million euros in fiscal 2024, down 33.2 percent from the 387.0 million euros last year.
Net income for the year declined 20.3 percent to 260.7 million euros from 327.3 million euros a year ago. On a per share basis, earnings came in at 4.85 euros, a 23.1 percent drop from last year's 6.31 euros.
According to Wacker Chemie, EBITDA for the year declined 7.4 percent to 762.8 million euros from 823.6 million euros in the prior year. cent. The company's EBITDA was impacted by lower prices, particularly for solar-grade polysilicon, high energy costs in Germany, along with lower plant-utilization rates.
The company's sales were 5.72 billion euros in fiscal 2024, 10.6 percent down from 6.40 billion euros a year ago. Sales were mainly affected by lower prices and much lower volumes in the Polysilicon division.
Looking ahead, for the first quarter of 2025, the company expects Group sales at the prior-year level of 1.5 billion euros. EBITDA for the three-month period is projected to be around 135 million euros, compared to 172 million euros a year ago.
For the year, the company expects Group sales to range between 6.1 billion euros and 6.4 billion euros, with increase in all regions and business divisions. Annual EBITDA is projected to come to between 700 million euros and 900 million euros.
Wacker Chemie also plans a dividend of 2.50 euros per share at the Annual Shareholders' meeting.
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