Wacker Chemie Reports 7% Drop in Core Profit for 2024
German chemical company Wacker Chemie has reported a 7% year-over-year decline in its annual core profit on Tuesday, citing lower prices and sales volumes.
Key Takeaways:
* EBITDA declined to €770 million from €824 million in 2023.
* Sales fell 11% to €5.72 billion.
* Polysilicon division sales plummeted 41% due to weak demand and excess capacity.
* Semiconductor-grade polysilicon business performed well.
* Chemical and biotechnology divisions achieved sales and earnings growth.
Challenges and Outlook:
* Weak demand in construction and automotive industries.
* U.S. anti-dumping tariffs on solar imports.
* High energy costs in Germany.
Wacker Chemie aims to increase the share of hyperpure polysilicon in the semiconductor industry and expects the chemical and biotechnology divisions to continue performing well in the future.