Lanxess expects earnings to improve for FY2024
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Hyderabad: Lanxess, a specialty chemicals company based in Germany Group expects a moderate increase in its earnings for the current year. Group sales in fiscal year 2023 amounted to €6.714 billion, down 17.0 percent from previous year’s €8.088 billion. EBITDA pre exceptionals decreased by 44.9 per cent to €512 million compared with €930 million the year before.
The EBITDA margin pre exceptionals reached 7.6 per cent, against 11.5 per cent the previous year. Matthias Zachert, CEO, Lanxess, said: “German chemistry and we at Lanxess have never seen a year of crises like this before. But we are doing all we can to make it through this phase as stably as possible and to be in the best possible position when times improve again. With our “Forward!” action plan, we have taken the right steps at an early stage.”
According to company, 2023 was a year of multiple crises for the German chemical industry: Weak demand in numerous customer industries and market regions combined with inventory reduction by customers, high energy prices in Germany, and geopolitical tensions.
