- Consolidated revenues for 2020 reach € 63.2 million (vs. € 56.7mn in 2019; +11.5%)
- This result exceeds the budget targets set at the beginning of 2020
- Significant growth, in particular, for the biostimulants business, to € 38.3mn (vs. € 31.0mn in 2019; +23.6%) and for the animal fat business, to € 7.1mn (vs. € 6.5mn in 2019; +8.8%); on the other hand, the contraction in the construction retardants business, to € 14.1mn (vs. € 15.3mn in 2019; -8.3%), was confirmed, slowed down by the Covid emergency. Finally, revenues from withdrawals of animal by-products and tanning waste services grew to € 3.1mn (vs. € 3.0mn in 2019; +3.6%)
- Significant growth in all the main geographical areas: Europe (including Italy) at € 32.6mn (vs. € 30.3mn in 2019; +7.6%); Asia-Pacific at € 18.7mn (vs. € 15.6mn in 2019; +19.4%); Americas at € 6.9mn (vs. € 5.8mn in 2019; +18.9%)
SICIT Group, listed on the Italian Equities Market (MTA – STAR segment), announces that consolidated revenues from 1 January 2020 to 31 December 2020, compared to the same period of the 2019, recorded an overall increase of about € 6.5 million, for a total of € 63.2 million (+11.5%).
This result benefited, in particular, from the growth of the business of biostimulants for agriculture (+23.6% to € 38.3 million), which continues to record a sustained demand; as well as animal fat for the production of biofuels (+8.8% to € 7.1 million), which more than recovered the slight drop recorded in the first half of the year. On the other hand, retardants for the plaster industry (-8.3% to € 14.1 million) continued to slow down, mainly due to the effects of the Covid emergency on the global construction market. Finally, revenues from the withdrawals of animal by-products and tanning waste services (+3.6% to € 3.1 million) fully recovered the delay recorded in the first half of the year, due to the lockdown of the tanneries last spring.
Growth concerned almost all geographical areas: from Europe (including Italy, +7.6%; of which Italy +14.4% and other countries in Europe +3.0%), to APAC (+19.4%) and the Americas (+18.9%). The minor Middle East and Africa market fell slightly (-1.9%).
Massimo Neresini, CEO of SICIT Group, commented: “We are very satisfied for the excellent results of 2020, which were achieved thanks to the sustained demand of biostimulants and the full recovery of animal fat production for biofuels. At the same time, we remain extremely confident for 2021. Thanks to the investments we have already made, this year we will be able to market a purified fat for bio-fuels that is much more efficient, both from an ecological and economic point of view; as well as new products, developed together with our customers, to meet the future needs of agriculture (biostimulants) and industry (retardants). I would like to point out also the great commitment that SICIT has made by starting up the recovery and treatment plant for animal hair, thus expanding its withdrawing service of tanning waste, which have returned to pre-pandemic levels. On the other hand, we believe that the downturn in construction retardants can be recovered as soon as the world will leave Covid behind. These are clearly particularly positive results at this historic time, and the entire Group should be proud of them”.
Consideration of the Covid emergency
With reference to the Covid emergency and its potential impact in the coming months, the Company is well aware that the uncertainty about the timing of the end of the pandemic emergency is still high, as well as the depth of the consequences that it could have on world’s major economies. Any renewal or extension of the restrictive measures against Italian tanneries could have negative effects on the supply of input raw materials and, consequently, on production capacity and commercial activity. Similarly, any renewal or extension of the lockdown in the countries where the Company markets its products could weaken the demand for the Company’s products, particularly in the construction sector.
That said, however, the Company remains confident – also thanks to the initiatives undertaken, as well as the launch of the vaccination campaign – that it will be able to pursue its important path of significant growth.