Ciner Resources LP of Atlanta, GA has reported a 2020 net income of US$26.9 million on net sales of US$392.2 million compared with US$101.6 million on sales of US$522.8 million in 2019. The company sold 2.22 million tons of soda ash compared with 2.76 million tons sold in 2019.
Ciner’s domestic soda ash sales grew by 0.9% to US$208.8 million in 2020, reflecting a 7.6% increase in sales volumes to 940,900 tons offset by a 6.2% decrease in average sales price to US$221.92/ton. Ciner’s international sales fell by 41.9% to US$183.4 million, reflecting a 14.8% decrease in average sales price to US$143.17/ton and a 32.0% decrease in international sales volume to 1.88 million tons.
Oğuz Erkan, Ciner’s CEO, commented, “Our results in the fourth quarter reflected a continued improvement in soda ash markets, highlighted by sequential revenue and adjusted EBITDA growth of 5% and 49%, respectively from the third quarter. Global soda ash demand, which saw dramatic declines during the peak of COVID-19 related shutdowns, continued to normalize in the quarter. Our industry continues to recover from the pandemic, and we are prepared to participate in a sustained recovery going forward.
“As we endured the economic fallout from the COVID-19 pandemic, our year-end financial results understandably declined as compared to our record 2019 performance. Amid the challenges faced in 2020, our business performed admirably, reacting quickly to preserve liquidity and reducing operating and capital costs where prudent. The commitment of our workers cannot be overstated as our team diligently adhered to new safety protocols and several optimizing measures in our production plan, operating costs, and distribution strategy, all while also managing the operational complexity involved with our exit from ANSAC.”
Volume 35, Issue 06