Umicore reports slight profit dip

Belgium-based metals producer and recycler Umicore has reported first-half 2022 revenue of 2.1 billion euros ($2.15 billion) and adjusted earnings before interest and taxes (EBIT) of 461 million euros ($472.5 million). It calls those figures “stable compared to the record levels of the first six months in the previous year.”

Umicore says its first-half results were the second highest in its history, despite what it calls “severe market disruptions, rising cost inflation and a volatile precious metal price environment.”

The company says revenue and earnings in its Recycling business unit decreased, “reflecting primarily the impact of a lower precious metal price environment in precious metals refining and precious metals management.”

As with its overall results, Umicore describes those from the Recycling unit as “below the record levels of the previous year [but representing] the second-highest level achieved in the history of the Recycling business group.”

Mathias Miedreich, CEO of Umicore, says, “In a market environment characterized by severe external challenges, we achieved the second-highest half-year earnings performance in the history of Umicore, which clearly demonstrates the resilience and strong position of our businesses in our key end-markets.”

Looking ahead, Umicore says it expects “another strong performance in 2022 across business groups in a severely disrupted market context.”

Umicore says it expects adjusted EBIT for its Recycling business unit for the full year 2022 to be in line with an earlier consensus of 475 million euros ($487 million). “This is based on the assumption that current precious metal prices will continue to prevail,” states Umicore, adding, “This also takes into account a somewhat improved supply mix in Precious Metals Refining compared to the first half.”

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The company also has announced that its current chief financial officer (CFO) Filip Platteeuw has decided to leave the company after 10 years in that post. “As part of a planned succession program, Wannes Peferoen, currently senior vice president of Umicore’s Electro-Optic Materials business unit, will succeed Platteeuw on Oct. 1,” the firm says.