1st May 2019 09:28
LONDON (Alliance News) - Iodine maker Iofina PLC on Wednesday reported a record year for the company, reaching its highest levels ever of production and earnings.
Iofina's production in 2018 was 588.8 million tonnes of crystalline iodine from its Oklahoma plants, 17% higher year-on-year. Production was helped by a new plant, Iofina said.
Earnings before interest, tax, depreciation, and amortisation nearly doubled, rising 89% to USD2.6 million, meaning both Ebitda and production achieved record numbers.
Iofina's revenue rose 15% to USD24.0 million, with the pretax loss narrowing to USD1.4 million. Revenue grew due to the higher output, as well as positive iodine prices.
The iodine price at the start of 2019 was USD26 to USD27 per kilogram, from around USD24 per kilogram at the start of 2018.
"2018 was an exceptional year and a result of the strategies executed over the last few years by the directors and employees of Iofina," said Chief Executive Tom Becker.
"The resulting record iodine production, together with increased iodine prices, was the major factor in record Ebitda levels in 2018, and further significant progress is expected. Over the last few years, by executing cost savings plans, prudent growth, and investing in new products, the group has turned itself around and is performing at its highest level to date."
Looking forward, Iofina said it has begun 2019 well, with costs under control leading to higher profitability.
"We are excited about building new iodine extraction plants and launching new compounds. 2019, we believe, will be an exceptional year for the group as we grow our core iodine business and expand into new high margin products. These actions, coupled with the continuing improvement of iodine prices, positions Iofina well for the future," said Non-Executive Chair Lance Baller.
Shares in Iofina were 2.7% lower on Wednesday morning at a price of 16.05 pence each.
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