Results for the Second Quarter and First Half of 2024

28 August 2024

WE Soda Ltd (“the Company” and, together with its subsidiaries, “WE Soda”), the world’s largest producer of natural soda ash, announces its results for the second quarter and first half of 2024.

Financial Highlights

Second Quarter 2024

2Q 2023

2Q 2024

QoQ

Sales Volume (mt million)

1.1

1.3

+11%

Netback Revenue ($ million)

341

231

(32)%

Adjusted EBITDA ($ million)

217

123

(43)%

Netback Margin

64%

53%

(11) ppt

Free Cash Flow ($ million)

160

52

(68)%

FCF Conversion

74%

42%

(32) ppt

First Half 2024

2023

2024

YoY

Sales volume (mt million)

2.3

2.5

+7%

Netback Revenue ($ million)

749

460

(39)%

Adjusted EBITDA ($ million)

465

243

(48)%

Netback Margin

62%

53%

(9) ppt

Free Cash Flow ($ million)

392

156

(60)%

FCF Conversion

84%

64%

(20) ppt

Note: Figures may not add up due to rounding.

  • “Trough” market conditions continued during 2Q 2024, with weak soda ash demand and pricing.

  • Adjusted EBITDA per mt improved slightly during 2Q 2024, mainly due to reduced cash costs.

  • Early signs of modest price improvements in Asia during 2H 2024, but pick up in global demand not expected until 2025.

Download full release

Download interim financial statements


Enquiries

WE Soda
Edward Westropp, Head of Investor Relations
+44 (0) 208 148 5456
[email protected]

Sodali & Co (Public Relations adviser to WE Soda)
Peter Ogden
+44 (0) 207 250 1446
[email protected]

About WE Soda

WE Soda is the world’s largest producer of natural soda ash and one of the world’s largest producers of sodium bicarbonate. Our purpose is “to responsibly produce essential ingredients for a sustainable future” and sustainability is integrated into everything we do. We produce soda ash with the lowest CO2e emissions intensity within our industry and we believe that we have the lowest impact on nature and the environment. For more information, please visit www.wesoda.com.