Novonesis reports Q1 increase in ethanol, biodiesel sales
Novonesis reported 10% organic growth in its Agriculture, Energy and Tech segment for Q4, driven by strong ethanol industry performance, especially in Latin America and India. The Energy subsegment saw double-digit growth, supported by second-generation ethanol ramp-up and innovation in North America. Company-wide, Novonesis posted 11% organic sales growth, with notable gains in Food and Planetary Health Biosolutions.
Novonesis on May 8 released fourth quarter financial results, reporting its Agriculture, Energy and Tech segment achieved 10% organic growth during the three-month period. Much of that increase was driven by the ethanol industry.
According to the company, double-digit sales growth in its Energy subsegment was led by strong growth in Latin America and India, driven by the expansion of ethanol production capacity. This includes the ramp-up of second-generation ethanol production. The subsegment also achieved sales growth in North America, which was driven by increased penetration of innovation and supported by good ethanol production volume growth. Strong developments in solutions for biodiesel also contributed positively to performance.
Company-wide, Novonesis reported 11% organic sales growth. This includes 12% growth achieved by the Food and Health Biosolutions segment and 11% growth for the Planetary Health Biosolutions segment, which includes the Energy subsegment.
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Source : Ethanol Producer Magazine
