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Siegfried reports higher profits, sales with growth in all businesses

February 25/2021

MOSCOW (MRC) -- Siegfried says its core net profit for 2020 increased 10.4%, to 72.2 million Swiss francs (USD79.6 million) on sales up 1.4%, to SFr845.1 million, said Chemweek.

Core EBITDA also grew by 6.2%, to SFr149.4 million. The positive performance was driven by growth in the companys two businesses with sales in drug substances going up 1.4%, to SFr647.8 million, and drug products sales increasing 1.2%, to SFr197.2 million. Fourth-quarter figures have not been disclosed.

"Siegfried achieved a robust operating result in a challenging environment and exceeded its own targets in terms of sales and margin, says Wolfgang Wienand, CEO at Siegfried. The company has also been active in an M&A environment that has largely come to a standstill, Wienand says. With the acquisition of two large drug products sites from Novartis in Spain, Siegfried has reached the next level and is now among the leaders in the CDMO market," he adds.

Siegfried expects a significant jump in sales in 2021, to well above SFr1 billion, driven by robust organic growth in all business areas, the contributions of the two former Novartis sites, and the additional business from a cooperation and supply agreement with BioNTech for the Pfizer/BioNTech COVID-19 vaccine. 

The forecast increase in sales is expected to lift profitability toward the target range of a core EBITDA margin of around 20%, the company says. We are looking to the medium-term development of our company with healthy optimism and expect robust organic growth with a further stepwise expansion of our profitability, Siegfried says.

As per MRC, Siegfried (Zofingen, Switzerland) says net profit for the first half of 2020 shrunk 33.2% year on year (YOY) to 20.67 million Swiss francs (USD22.62 million) on revenue that was slightly lower at SFr388 million, down 1.4% YOY.

We remind that Russia's output of chemical products rose in November 2020 by 9.5% year on year. At the same time, production of basic chemicals increased in the first eleven months of 2020 by 6.6% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-November 2020 output. November production of polymers in primary form rose to 896,000 tonnes from 852,000 tonnes in October. Overall output of polymers in primary form totalled 9,240,000 tonnes over the stated period, up by 17.1%  year on year.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, PP, PE, neftegaz, petrochemistry.
Category:General News
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