Better days for Nynas as sales rise

ERJ staff report (TP)

Stockholm, Sweden – Nynas AB announced its net sales grew by 17.9% to 6,364 SEK million (€692.5m) for the second quarter of 2014.

For the first six months of 2014 sales were 10,491 SEK million – an increase of 26.22% compared to the same period last year.

The company said that both business segments, Naphthenics and Bitumen, contributed to this positive development.

Gert Wendroth, president and CEO, said: "Following two disappointing years, we are very proud to report significantly improved financial results for the first half of 2014.

“Even though the economic environment remained fragile with political tensions in many regions of the world, as well as volatile oil prices that impacted our raw material and finished product prices, we have seen positive developments in many of the markets we are active in.”

EBITDA (excluding non-recurring items) also improved – with 402 SEK million in Q2 and 476 SEK million for the first half year.

During the period January-June, the company took on full control and responsibility for the base oil manufacturing plant at the Harburg refinery in Germany.

It also successfully launched a four-year SEK 650 million corporate bond in order to refinance an existing US private placement with maturity in October 2014.

Nynas AB was founded in 1928 and produces a variety of products – including oils for rubber applications and tires.

More details in 16-page PDF report here.

Related stories:

All change for Nynas executive committee

New president for Nynas AB