Barcelona, February 22, 2023. - Profit soared 45.5% in 2022 from 2021 to EUR 63 million.
Adjusted ebitda amounted to EUR 143 million in 2022, up 52.3% from 2021.
Despite the sharp jump in energy, raw material and transport costs, growth in the average price for products sold by Ercros easily outstripped the increase in unit variable cost thanks to robust demand during part of the year. The excellent results for 2022 were underpinned by a combination of an active foothold in chemical markets and high utilisation rates at Ercros’ production plants.
Ercros boasts a strong financial position, ending the year with EUR 158 million of liquidity.
We agree with the consensus outlook in specialist industry publications that the first half of 2023 will be weaker for Europe's chemical industry than last year’s strong first half. However, the situation should gradually reverse in the second half. It is still too early to issue any more reliable forecasts.
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