29 May 2024
WE Soda Ltd (“the Company” and, together with its subsidiaries, “WE Soda”), the world’s largest producer of natural soda ash, announces its results for the first quarter 2024.
Alasdair Warren, CEO of WE Soda, commented:
“I was pleased to see a month over month improvement in our adjusted EBITDA per mt as the quarter progressed, albeit from low levels, as trough conditions continued from the end of 2023. We increased our produced volumes to 1.3 million mt during the quarter, keeping us on target for 5.2 million mt for FY 2024. More importantly, as we increased our production volumes, we also reduced our lost time injury rate and the number of lost workdays due to injury. Producing safe tonnes is our number one objective, and this result shows that our three-year “Safety Excellence Journey”, which we implemented in 2023 is starting to deliver results.
“Market pricing during the quarter showed a similar trend to Q4 2023, affected by weak soda ash demand in all regions and continued competitive pressures, albeit with improving month-over-month profitability improvements due to improving sales mix and lower energy pricing. Current trading reflects the improving trend observed during Q1 2024, giving us confidence to reiterate our full year Adjusted EBITDA guidance range of $100-$115 per mt. As we articulated at the time of our FY 2023 results in April 2024, we expect soda ash pricing to remain weak throughout 2024, but with the potential for a tightening in supply demand balances and an improvement in pricing towards the year end or during 2025. Our focus will be on maintaining our strong market position by continuing to provide best in class customer service, as well as leveraging our integrated global customer supply chain and sustainability advantages, to realise cost efficiencies and optimal geographic sales mix.”
WE Soda
Edward Westropp, Head of Investor Relations
+44 (0) 208 148 5456
[email protected]
Powerscourt (Public Relations adviser to WE Soda)
Peter Ogden
+44 (0)207 250 1446
[email protected]
WE Soda is the world’s largest producer of natural soda ash and one of the world’s largest producers of sodium bicarbonate. Our purpose is “to responsibly produce essential ingredients for a sustainable future” and sustainability is integrated into everything we do. We produce soda ash with the lowest CO2e emissions intensity within our industry and we believe that we have the lowest impact on nature and the environment. For more information, please visit www.wesoda.com.