- Consolidated revenues in the first half of 2020 reached € 35.5 million (vs. € 32.5 million in the first half of 2019, +9.4%)
In particular, there was significant growth in the biostimulants business to € 21.7 million (vs. € 18.2 million in 1H 2019, +19.4%); a slight contraction in the retardants business (to € 8.5 million – vs. € 8.7 million in 1H 2019, -2.1%) and the animal fat business (to € 3.38 million – vs. € 3.41 million in 1H 2019, -1.0%), both slowed down by the Covid emergency, especially in the second quarter
All the main geographical areas grew significantly: Europe (including Italy) at € 19.5 million (vs. € 18.9 million in 1H 2019, +3.2%); Asia-Pacific at € 9.2 million (vs. € 7.9 million in 1H 2019, +16.4%); Americas at € 4.3 million (vs. € 3.0 million in 1H 2019, +42.3%). Only the Middle East and African market bucked the trend, at € 0.87 million (vs. € 0.9 million in 1H 2019, -2.9%)
SICIT Group‘s Board of Directors today today took note of the consolidated revenues for the period January 1 – June 30, 2020 which, if compared to the same period of 2019, recorded an overall increase of about € 3 million (+9.4%).
The growth result concerns almost all geographical areas: from Europe (including Italy, +3.2%; of which Italy +1.2% and other countries in Europe +4.6%), to APAC (+16.4%) and Americas (+42.3%). The only geography in countertrend is the Rest of the World (Middle East and Africa, -2.9%).
This result benefited from the growth in the biostimulant business for agriculture (+19.4%), which continues to achieve sustained demand; while both retardants for the plaster industry (-2.1%) and animal fat for biofuel production (-1.0%) decline slightly, as did revenues from withdrawals of animal by-products and tanning waste, essentially due to the more severe effects of the Covid emergency.
In fact, after a very good first quarter in which the Company recorded a strong increase in sales, also due to an advance on purchases in order to prevent a possible “shortage effect” from Covid, the second quarter was characterized: with regard to retardants, by the temporary closure of some plants of client companies for the production of plasterboard, as well as by a general slowdown in the construction industry; with regard to animal fat, by a reduction in residues withdrawn from Vicenza tanneries, due to lockdown, between the end of March and that of April, followed by a slow restart of all tanning activity, which is still ongoing.
Massimo Neresini, CEO of SICIT Group, said: “In light of the health emergency, we can only be satisfied. Confident that we have left the worst phase of the emergency behind us, we enter the second half of the year with a 9.4% increase in the first half: a particularly brilliant result, considering the times we are living. The level of appeal of our products remains generally very good, especially with regard to biostimulants. Our industrial investment plan is proceeding as planned, towards very promising objectives. Although the general economic environment remains unfavourable, the feedback we receive on a daily basis support us about the possibility of continuing the growth path we have undertaken“.