Ence emerges from losses after 25 million loss in 2023

Ence, which has a plant in Navia, lost 24.7 million last year compared with a profit of 247.2 million the previous year, but returned to profit in the fourth quarter with a positive balance of 3.5 million thanks to rising global demand . falling raw material and transportation costs, the beginning of a recovery in pulp prices and a greater contribution to the specialty pulp mix with higher margins, more sustainable and adapted to replace long fiber and plastics. These specialty products accounted for 22% of total pulp sales in 2023 and 28% in the fourth quarter.

Falling pulp prices weighed on business last year, while prices in Europe recovered and exchange rates became more favorable in the fourth quarter. The average price increased by 9.5% compared to the third quarter, to 522.2 euros per tonne, although it was still 39.6% lower than in the last quarter of 2022.

Turnover for the year as a whole fell by 17.3% to 829.6 million. And the group’s consolidated operating result (“EBITDA”) reached 25 million in the fourth quarter and 89 million in 2023.

The price of pulp has continued to recover by 40% since the end of the year, and major producers have announced additional increases, Ence reports.

Navia achieved a record production of 614,000 tons (up 6.4%), which contributed to the group (together with Pontevedra production) reaching a production volume of 975,345 tons, up 19.5%. Navia produces 75.22% of all pulp produced by Ence.

The Asturian mill has invested 30 million in the production of fluffy pulp for absorbent hygiene products; Ence Biogás plans to launch about twenty projects in the next five years and continues to advance in the design and production of the future production center in As Pontes.

GAM

Asturian multinational General Machinery Rental (GAM) earned more than 9.069 million euros last year, compared to 7.66 million euros in 2022, an increase of 18.39%, according to data provided by the company to the National Securities Market Commission (CNMV ).

Business volume exceeded 280.85 million, up 25.8% from 223.24 million in the previous year.

The company, led by Pedro Luis Fernandez, had an operating result of more than 23.24 million, up from just over 16.65 million in 2022.