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Enzymes producer Novozymes posts 6-pct growth in Q1 earnings

Xinhua, April 26, 2017 Adjust font size:

Novozymes, the world's largest producer of industrial enzymes, announced on Wednesday its results for the first three months this year, registering an EBIT (earnings before interest and taxes) growth of 6 percent as aginst the same period last year.

Mainly driven by Food & Beverages and Bioenergy, sales in the first quarter at 3.74 billion Danish kroner grew by 3 percent organically and by 4 percent in Danish kroner, according to the report.

Net profit in the period reached 772 million kroner, up 4 percent year-on-year. The EBIT margin improved by 0.7 percentage point to 27 percent.

Earlier this year, Novozymes expected to deliver organic sales growth of 2 to 5 percent, EBIT growth of 3 to 6 percent and net profit growth of 2 to 5 percent for the year 2017, and the company said the outlook is maintained.

Novozymes said resources were being focused on high-growth opportunities and growth markets in the first quarter as part of the organizational changes, and the company had continued its significant investments in R&D and technology leadership.

"It has been a good start to the year. The majority of our markets have developed well, and profitability was high. I'm pleased to see that we are making progress on our strategic priorities, exemplified by the recent collaboration with Boehringer Ingelheim in probiotics for poultry hatcheries," said Peder Holk Nielsen, president and CEO of Novozymes.

Novozymes employs about 6,500 employees globally, and it has a market share of around 48 percent. Endit