MADRID, 26 Oct. (EUROPA PRESS) -

Befesa obtained a net profit of 27.6 million euros in the first nine months of the year, a figure 68% lower than that of the same period in 2022, when it earned 87.2 million euros, the recycling company reported this Thursday. of hazardous waste for the steel and aluminum industries.

Befesa's total revenues increased by 8%, to 904.2 million euros, in the first nine months of the year. In the third quarter alone, the company earned 288.7 million euros, also 8% more than in the same period of 2022.

The company has attributed this rebound in revenue to the contribution of the zinc refining business in the United States.

However, Befesa's adjusted gross operating profit (Ebitda) decreased by 17%, to 136.7 million euros, between January and September, as a result, according to the company, of the decrease in zinc prices, the increase of zinc TCs and the rise in coke prices.

This was partially offset by the improvement in zinc coverage, the drop in energy prices and the various operational synergies, Befesa highlighted.

In the first nine months of 2023, Befesa's operating cash flow amounted to 63.7 million euros, below the 78.3 million euros in the same period of 2022.

Liquidity remained above 150 million euros, with a treasury of 81 million euros at the end of the third quarter, compared to 162 million euros at the end of 2022.

"It has been a complicated year affected by several temporary external factors, such as the increase in zinc TCs, the decline in zinc prices and coke prices that are at historical highs, in addition to some operational delays in the United States. United States and China. The improvement in the macroeconomic environment that we expected for the second half of the year has not occurred and we expect that the current conditions will continue for the rest of the year," said Javier Molina, executive president of Befesa.

For all these reasons, the company expects that the adjusted Ebitda of 2023 will be around 180 million euros, compared to the previous forecast of achieving an adjusted Ebitda of 200 to 230 million euros.

However, looking ahead to 2024, Molina sees "tailwinds" driven by the reversal of many of the adverse factors of 2023, such as the normalization of coke prices, business growth in the United States and a positive contribution from China .anus.