INEOS Group’s EBITDA up on quarter, down on year
by ChemOrbis Editorial Team - content@chemorbis.com
INEOS Group announced in a trading statement that the company’s EBITDA for the first quarter of 2024 was €260 million, down compared to €381 million reported in the same period last year but up from €149 million reported in the fourth quarter of 2023.
Styrolution, the company’s subsidiary for styrenics, reported an EBITDA of €100 million compared to €65 million in the same period previous year. Polymer market demand improved from restocking effects mainly in the Americas and in Europe, the company said.
The company’s subsidiary INOVYN reported an EBITDA of €76 million compared to €263 million in Q1 2023. The big decrease in EBITDA was mainly the result of lower caustic soda pricing and general-purpose PVC margin reductions, which was partially offset by lower energy costs.
“Signs of market improvement were visible during the first quarter of 2024. Improved demand in the US and European markets drove sales volumes up whilst margins remained subdued,” the company said.
Styrolution, the company’s subsidiary for styrenics, reported an EBITDA of €100 million compared to €65 million in the same period previous year. Polymer market demand improved from restocking effects mainly in the Americas and in Europe, the company said.
The company’s subsidiary INOVYN reported an EBITDA of €76 million compared to €263 million in Q1 2023. The big decrease in EBITDA was mainly the result of lower caustic soda pricing and general-purpose PVC margin reductions, which was partially offset by lower energy costs.
“Signs of market improvement were visible during the first quarter of 2024. Improved demand in the US and European markets drove sales volumes up whilst margins remained subdued,” the company said.
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