Croda International Reports Decline in Profit for 2024

Croda International, a London-listed specialty chemicals company, has announced a decrease in pretax profit attributed to lowering sales caused by customers reducing inventory levels. In addition to this, the company anticipates a decline in its adjusted operating margin by two to three percentage points in 2024 due to various year-on-year business mix effects.

Impact of Covid-19 on Sales and Profit

Croda stated that there will be no Covid-19 lipid contributions this year. Moreover, sales volumes in its crop protection and industrial specialties sectors are expected to remain low, further impacting the overall performance of the business.

Financial Overview for 2023

• Pretax Profit: £236.3 million, compared to £780.0 million the previous year
• Adjusted Pretax Profit: £308.8 million, down from £496.1 million
• Revenue: £1.69 billion, a decrease from £2.09 billion

The company's performance was aligned with the consensus estimates gathered from analysts' forecasts.

Dividend Update

Despite the challenging financial results, Croda International announced an increase in its final dividend to 109 pence per share from 108 pence.

For more information, please visit Croda International's website.