Novonesis on May 8 released fourth quarter financial results, reporting its Agriculture, Energy and Tech segment achieved 10% organic growth during the three-month period. Much of that increase was driven by the ethanol industry.
According to the company, double-digit sales growth in its Energy subsegment was led by strong growth in Latin America and India, driven by the expansion of ethanol production capacity. This includes the ramp-up of second-generation ethanol production. The subsegment also achieved sales growth in North America, which was driven by increased penetration of innovation and supported by good ethanol production volume growth. Strong developments in solutions for biodiesel also contributed positively to performance.
Company-wide, Novonesis reported 11% organic sales growth. This includes 12% growth achieved by the Food and Health Biosolutions segment and 11% growth for the Planetary Health Biosolutions segment, which includes the Energy subsegment.
A full copy of the Novenesis’ first quarter report is available on the company’s website.
