|
Ence has achieved a net profit of 40.8 million euros until September 2024 compared to losses of 28.2 million recorded in the same period last year.
This figure is achieved thanks to the improvement in the price of pulp, which, until September, recorded a net price of 670.1 euros, about 12% more than in the same period of 2023. Despite this upward trend, the net price is tending to moderate in both China and Europe.
For its part, the cost per tonne (cash cost) in the first nine months of the year stood at 483.4 euros, a reduction of 12.5% compared to the same period in 2023.
In terms of the company’s other financial parameters, the Group’s consolidated EBITDA to September totalled 152.5 million euros, more than double the 63.7 million euros recorded between January and September 2023. Of particular note is the gross operating profit of the Pulp business, which reported 131.8 million euros in the first nine months of the year, almost five times more than in the same period of 2023.
As regards the Renewables business, the ebitda grew 114.8% year-on-year in the third quarter to EUR 9.4 million, supported by the recovery in generation volume, the reduction in operating costs and the improvement in the average selling price.
Recirculation project in the Pontevedra biofactory
In the first nine months of the year, pulp production increased by 4.6% to 741,114 tonnes due to increased activity at the Pontevedra biofactory.
Meanwhile, cellulose production in the third quarter reached 248,180 tonnes, which is 7.5% more than in the same period of 2023 thanks to the start-up of the effluent recirculation project at the Pontevedra biofactory. This has made it possible to operate normally during the summer period and offset the effect of the annual maintenance shutdown, which in 2024 took place during the third quarter whereas in 2023 it took place during the second quarter.
Second interim dividend
On 29 October, the company approved the distribution of a second interim dividend of 0.033 euros gross per share against 2024 results, which will be paid on 7 November.
On 30 July, the company gave the green light to the distribution of a first interim dividend on 2024 results of 26 million euros, equivalent to 0.107 euros gross per share, which was paid on 7 August.
Both dividends represent a dividend yield for the shareholder of 5%, calculated on the closing price of the quarter. Ence is one of the Spanish listed companies with the highest dividend yield.
Magnon refinancing
As a highlight of the year, Ence’s renewable energy subsidiary, Magnon Green Energy, has closed the refinancing of its corporate debt in the amount of €190 million. The operation, which has been carried out with a pool of financial institutions and national and international institutional investors, includes a syndicated loan of 170 million euros and a revolving line of 20 million.
This financing allows the company to extend its maturities until 2032 and demonstrates the confidence of the financial market in the regulated biomass electricity generation business.
