28 August 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 second quarter and first half of 2024.
| Second Quarter 2024 | 2Q 2023 | 2Q 2024 | QoQ |
| Sales Volume (mt million) | 1.1 | 1.3 | +11% |
| Netback Revenue ($ million) | 341 | 231 | (32)% |
| Adjusted EBITDA ($ million) | 217 | 123 | (43)% |
| Netback Margin | 64% | 53% | (11) ppt |
| Free Cash Flow ($ million) | 160 | 52 | (68)% |
| FCF Conversion | 74% | 42% | (32) ppt |
| First Half 2024 | 2023 | 2024 | YoY |
| Sales volume (mt million) | 2.3 | 2.5 | +7% |
| Netback Revenue ($ million) | 749 | 460 | (39)% |
| Adjusted EBITDA ($ million) | 465 | 243 | (48)% |
| Netback Margin | 62% | 53% | (9) ppt |
| Free Cash Flow ($ million) | 392 | 156 | (60)% |
| FCF Conversion | 84% | 64% | (20) ppt |
Note: Figures may not add up due to rounding.
“Trough” market conditions continued during 2Q 2024, with weak soda ash demand and pricing.
Adjusted EBITDA per mt improved slightly during 2Q 2024, mainly due to reduced cash costs.
Early signs of modest price improvements in Asia during 2H 2024, but pick up in global demand not expected until 2025.
WE Soda
Edward Westropp, Head of Investor Relations
+44 (0) 208 148 5456
[email protected]
Sodali & Co (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.