Molins has announced its financial results for the first nine months of 2024 (9MFY24), a period highlighted by markets slowdown, albeit different across regions, amplified during the third quarter by adverse weather conditions and political and social instability in few countries.
Molins reached revenues of EUR1022m (US$1109m), five per cent lower than in the 9MFY23, due to the negative impact of lower volumes and currency fluctuations, offset partly by the positive impact of selling prices. The business in Argentina was particularly affected due to the decline in activity linked to the economic situation of the country and the significant devaluation of the currency in the last quarter of 2023.
In the 9M24 EBITDA achieved EUR274m, a one per cent decrease compared to the same period of previous year, highlighting the contribution of the businesses in Europe, Mexico and north of Africa. The net contribution of selling prices over costs and the positive impact of efficiency plans have offset most of the unfavourable impact of lower volumes and currency fluctuations. The EBITDA margin rose by 110 base points, reaching 26.9 per cent.
However, Molins closed the first nine months with a net profit amounting to EUR153m, 23 per cent higher than the same period of the previous year. This increase has been driven mainly by the improvement in the financial result and the lower negative impact of the hyperinflation adjustment.
Regarding net financial debt, the strong cash generation continues, reaching a net cash balance of EUR72m. This financial strength is an important lever to develop new growth opportunities and to execute the investments foreseen in the Sustainability Roadmap 2030.
“In the first nine months of 2024 we have achieved solid operational results with a strong commercial focus, accelerating the execution of our strategic plan focusing on decarbonisation, with great progress in the main sustainability indicators” states Marcos Cela, CEO of Molins. “I would like to express my gratitude to the entire team of professionals at Molins for their continuous effort and commitment to achieve the goals” adds Mr Cela.
