Novonesis Reports Strong Q1 Sales Growth For Bioenergy Segment

  • Wednesday, 08 May 2024 08:42

Ethanol Producer Magazine

May 7, 2024

Novonesis, a company formed via the January 2023 merger of Denmark-based biotechnology company Novozymes and Denmark-based bioscience company Chr. Hansen, released first quarter financial results on May 3, reporting strong results for its Bioenergy segment. 

The company said it achieved double-digit growth for its Bioenergy subsegment, supported by favorable market conditions and increased penetration, especially in North America. Bioenergy sales in Latin America also performed well, driven by capacity expansion of ethanol production, including volumes for second-generation ethanol. 

Results for the Bioenergy segment are now reported under Novonesis’ Agriculture, Energy and Tech segment, which reported flat sales when compared to the first quarter of last year. 

The Agriculture, Energy and Tech segment accounted for 36% of total company sales during the first quarter, while the company’s Food and Beverage, Human Health and Household Care segments accounted for 33%, 11% and 20% of sales, respectively. 

Overall, Novonesis reported a 4% growth in sales for the three-month period, with volumes accounting for 2% of growth and pricing contributing 2%. The company is currently predicting it will deliver a 5% to 7% sales growth for the full year.

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