26 November 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 third quarter and first nine months of 2024.
| Third Quarter 2024 | 3Q 2023 | 3Q 2024 | QoQ |
| Sales Volume (mt million) | 1.2 | 1.2 | 0% |
| Netback Revenue ($ million) | 225 | 233 | +4% |
| Adjusted EBITDA ($ million) | 137 | 124 | (9)% |
| Netback Margin | 61% | 53% | (8) ppt |
| Free Cash Flow ($ million) | 95 | 106 | +11% |
| FCF Conversion | 69% | 86% | +16 ppt |
| First Nine Months | 2023 | 2024 | YoY |
| Sales volume (mt million) | 3.5 | 3.8 | +9% |
| Netback Revenue ($ million) | 973 | 693 | (29)% |
| Adjusted EBITDA ($ million) | 602 | 367 | (39)% |
| Netback Margin | 62% | 53% | (9) ppt |
| Free Cash Flow ($ million) | 487 | 262 | (46)% |
| FCF Conversion | 81% | 71% | (9) ppt |
Note: Figures may not add up due to rounding.
During 3Q 2024, soda ash pricing stabilised and Adjusted EBITDA per mt improved to $99.8 per mt, in line with full year guidance of $95-$100 per mt and continuing the sequential improvement we saw in 1Q and 2Q 2024.
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.