DSM-Firmenich increases sales and earnings in the first half of the year
Published: Tuesday, Jul 30th 2024, 09:40
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The fragrance and flavorings group DSM-Firmenich grew in the first half of 2024. The outlook for the year as a whole has now been raised.
Sales rose by 2% to 6.3 billion euros in the first half of the year on a pro forma basis, as the company announced on Tuesday. The comparative figures for the previous year include the results of the former DSM and Firmenich companies, as if the merger had already taken place at the beginning of 2023 and not in mid-2023.
The operating result (adjusted EBITDA) also increased on a pro forma basis by 5% to EUR 976 million, with an EBITDA margin of 15.5% (previous year: 15.1%). Net profit (core adjusted net profit) reached 365 million euros in the first half of the year, an increase of 55%.
CEO Dimitri de Vreeze expressed his satisfaction in the press release. The separation of the animal nutrition and animal health business is in full swing and DSM-Firmenich has already announced two divestments as part of the portfolio streamlining. At the same time, the consistent focus on operational excellence combined with improved business conditions has led to better financial results.
DSM-Firmenich is now raising its outlook for 2024 as a whole. The company now expects adjusted EBITDA of around 2 billion euros. This is because the positive business momentum has continued in the third quarter to date. In addition, the company expects an adjusted EBITDA contribution of EUR 200 million from a combination of synergy effects and the vitamin transformation program.
DSM-Firmenich is the result of the merger between the Geneva-based flavor and fragrance manufacturer Firmenich and the Dutch company DSM. The merger was approved by the European Commission at the beginning of 2023 and was finally finalized in mid-2023. The new DSM-Firmenich is based in Kaiseraugst, Switzerland, but its shares are listed on the Euronext stock exchange in Amsterdam.
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