Singapore – Halcyon Agri Corp. has seen a significant improvement in first half financial results with both earnings and sales increasing sharply compared to a year ago.
Earnings (EBITDA) for the first six months of the year stood at just under $18 million (€15 million), compared to a loss of $13.8 million in 2020, said Halcyon Agri 12 Aug.
The Singapore-based natural rubber supplier also posted a $200,000 pre-tax profit and a 50% higher sales of $1.2 billion, as volumes returned to pre-pandemic levels.
Halcyon linked the positive development to a recovery in tire demand and improved operating rates of global tire makers.
The group said strong sales volume ensured “effective and efficient” utilisation of factories globally, and facilitated the optimisation of fixed cost.
“We have made significant progress during the first half of the year, underlined by the improvement in our sales volume and unit margins,” said Li Xuetao, group CEO.
According to the CEO, the ongoing global restocking drive post-pandemic and global logistic logjam have created “windows of opportunity” for the group.
“Our in-depth understanding of customer’s requirements and visibility of supply/demand dynamics, have allowed us to play a pivotal role in the natural rubber supply chain during this period,” he added.