Ence Energía y Celulosa achieved a net profit of €23 million in the second quarter of 2024, thanks to the improvement in the price of cellulose and the cost reduction achieved by the Group in its Pulp and Renewable Energy businesses. In the first half of the year as a whole, profit reached €26.5 million.
The Group’s consolidated operating result (Ebitda) amounted to €66 million in the second quarter, 85% more than the previous quarter and 5 times more than in the same period of 2023. Likewise, consolidated free cash flow reached €24 million in the quarter.
Ence’s “premium” products (the “Ence Advanced” range), such as Powercell or Naturcell, with higher margins, continue to gain market share. In the second quarter, they accounted for 28% of pulp sales compared to 19% in the same period in 2023.
The strong growth in demand for pulp continued to drive its gross price in Europe to reach $1,440 per tonne in June, which, together with the new Renewables regulation, allows us to expect strong cash generation in the third quarter.
The company has approved a first dividend on account of the 2024 results, of €26 million, equivalent to €0.107 gross per share, which will be paid on 7 August. Based on the Group’s Shareholder Remuneration Policy, a second dividend on account will be decided at the end of October.
