Belgian specialty chemical maker Solvay reported net Sales of €4,649 million ($5,464 million) in the first half of 2020, representing a year-on-year decline of 11%. For the second quarter, net sales decreased 18% to €2,175 million ($2,556 million) due to lower volumes. The decline in sales volume was attributed to headwinds in the aero, automotive, oil & gas, and construction sectors. However, healthcare, agro/food, electronics, and home & personal care markets were more robust and helped to partially ease the challenges.
Solvay’s underlying EBITDA stood at €1,008 million ($1,185 million) in the first half of 2020, down 15.6% from the same period last year. For the second quarter, underlying EBITDA fell 29.5% year-on-year to €439 million ($516 million), dragged by lower volumes although the pricing remained positive.
In the first six months of the year, EBITDA margin was 21.7%, despite significant;y lower demand, highlighting the company’s sustained pricing and decisive cost actions. EBITDA margin for the second quarter was 20.2%. Solvay’s underlying Net Profit in the first half of 2020 stood at €345 million ($405 million) while in the second quarter, it stood at €109 million ($128 million).
