“We have increased turnover and EBITDA by approximately 30% compared to the same period of 2021, achieving our best result ever” declared Giulio Bonazzi, president and CEO of Aquafil, commenting on the results of the first half of 2022.
“The performance of the reference markets has been very different during these first six months. In EMEA, the demand for fibers was in line with that of 2021. The demand for polymer was less strong, which had reached truly exceptional levels last year. The strong growth in the costs of raw materials and energy also continued, which we have almost entirely managed to recover ”.
Bonazzi continues, “Even in Asia, demand was less sustained than in 2021. This for two reasons, a reduction in quantities sold in the residential sector in Oceania as well as the Chinese lock down which slowed down domestic demand. On the other hand, the excellent growth in the Japanese market continued ”.
“The performance in the United States was excellent, where demand showed a significant increase as a result of our direct competitor’s withdrawal from the market for fibers for textile flooring”.
As regards the future, Bonazzi comments: “given the current international scenario, it is necessary to read the evolution of the various geographical areas in a distinct way.
In EMEA, the strong growth of costs continues, in particular raw materials and energy. As in the first half of the year, we are continuing the actions to revise the sales prices to recover costs and defend unit margins. However, this level of costs is already showing its effects, with a slowdown in final demand.
In the other two geographical areas, energy costs do not absolutely show the evolution that European ones are having.
In Asia Oceania the market is showing a good level of demand, thanks both to the excellent performance of the Japanese market and to a partial recovery of the residential market. In the United States, the strong growth in volumes achieved also in the first half of the year was confirmed.
We therefore expect a second half with less brilliant results than the one just ended. Profitability expectations for the year 2022 remain in any case good and higher than in the year 2021. All this thanks to the competitive advantage that the market recognizes in ECONYL® brand products as well as the different geographical distribution of the Group’s markets ”.