Swiss EMS Chemie annual profit tumbles 19%

Ems Chemie Holding AG

09/02/2024 06:34

Feb 9 (Reuters) - Swiss nylon maker EMS Chemie  EMSN.S 
said on Friday that net operating profit slumped 19% last year,
hindered by a slowing of the global economy and unfavourable
currency rates.
    Earnings before interest and taxes (EBIT) came in at 493
million Swiss francs, in line with analysts' estimates.
    Chemical companies throughout Europe have suffered from
geopolitical headwinds, with profit margins sliding as sales
fall and energy costs climb.
    It expects 2023 be another tough year, saying economic
growth will be hampered by rising freight costs and that
interest rate cuts are likely to be only moderate. In China, the
nation's real estate crisis will continue to dampen consumer
sentiment, it added.
    EMS said it expects 2024 net sales to be in line with last
year while EBIT will be slightly higher than last year.
    It proposed a dividend of 16.00 Swiss francs per share for
2023, below a consensus estimate of 18.64 francs per share
according to LSEG data.
    
    
    

 (Reporting by Tristan Veyet and Paolo Laudani in Gdansk;
Editing by Edwina Gibbs)
 ((Tristan.Chabba@thomsonreuters.com;))