Novonesis: Expanding ethanol production supports Q3 sales growth
Novonesis reported an 11% sales growth in Q3, with the Agriculture, Energy & Tech segment up by 12%, driven by strong ethanol production and biodiesel solutions growth, especially in Latin America and India. Over the first nine months of 2024, total sales increased 9%, with the Agriculture, Energy & Tech segment contributing 35% of total sales. This segment’s growth reflects robust expansion in ethanol capacity and technology penetration across various markets. Other segments included Food & Beverage (33%), Human Health (12%), and Household Care (20%).
November 13, 2024
BY Erin Voegele
Novonesis, formerly Novozymes, released third quarter financial results on Nov. 7, reporting company-wide sales growth of 11%. The company’s Agriculture, Energy & Tech segment reported 12% growth supported by strong ethanol production volumes.
For the first nine months of the year, total sales were up 9% with sales for the Agriculture, Energy & Tech segment up 7%.
Novonesis attributed the increase in Agriculture, Energy & Tech sales to double-digit growth in Energy supported by solid growth in Tech. Agriculture sales were unchanged.
According to the company, performance in Energy was driven by strong growth in Latin America and India, as well as increase penetration of innovation in North America, which was aided by supportive market conditions, including ethanol production volume growth. Growth in Latin America was driven by capacity expansion of ethanol production, including the ramp-up of second-generation ethanol production. Strong development in solutions for biodiesel also contributed positively to performance.
The Agriculture, Energy & Tech segment accounted for 35% of Novonesis sales during the first nine months of 2024. The Food & Beverage, Human Health and Household Care segments accounted for 33%, 12% and 20% of sales, respectively.
Source Link : EthanolProducerMagzine
