Specialty chemicals group Evonik has earned significantly more in the third quarter of 2024 than in the same period of the previous year.
 

Consolidated sales rose by two percent to 3.83 billion euros, Evonik announced. Prices remained stable, while sales volumes rose by five percent. Adjusted EBITDA rose by 19 percent to 577 million euros from July to September, according to Evonik. This means that Evonik reached the level of the second quarter as forecast. In the first nine months of the current year, Evonik already generated adjusted Ebitda of 1.68 billion euros, more than in the entire 2023 financial year. Earnings after taxes improved to 227 million euros. According to the company, various initiatives to reduce costs and build a lean organization are taking effect. For the current year, Evonik expects savings of around 400 million euros in total from these initiatives. These are offset in part by expected cost increases, for example in wages and salaries. At the same time, the course were being set for future growth. Evonik's new innovation strategy involved focusing research and development on the three growth cores “bio-based solutions”, “energy transition” and ”circular economy”. By 2032, Evonik aims to generate an additional 1.5 billion euros with products and solutions for these sustainability trends.
 
Evonik CEO Christian Kullmann said: “We are delivering the third consecutive encouraging quarterly result. This is all the more remarkable given that we are facing strong headwinds from the economic crisis. Nevertheless, we will achieve our targets for the current year. We are on the right track and our team is strong.” CFO Maike Schuh added: “This success is based on our increased focus on the right, less cyclical markets, our restructuring programs and our cost discipline. We are working our way out of the 2023 trough under our own steam.”
 
Sources

• Press release Evonik (6.11.2024)
• Photo: © Evonik