Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Thyssenkrupp’s Nucera targets growth to meet green hydrogen demand

Thyssenkrupp’s Nucera targets growth to meet green hydrogen demand

By Rachel More and Tom Käckenhoff

BERLIN (Reuters) – Thyssenkrupp Nucera laid out growth plans on Monday after reporting strong sales and operating income, as the company works to meet growing demand for the green hydrogen hailed as key to decarbonising the German economy.

“Another strong global workforce expansion is planned and necessary to achieve our growth targets,” Chief Executive Werner Ponikwar told reporters after presenting quarterly results.

The company, which Thyssenkrupp majority-owns after taking it public in a blockbuster market debut in July, also wants to expand production with new locations, including in India.

While in its infancy, so-called green hydrogen, which is produced using renewable energy, has been identified as a key energy source in the push towards a lower-carbon economy in Germany and other European Union countries.

Reporting its first financial results since going public, Nucera said earnings before interest and taxes (EBIT) rose 59% year-on-year to 7 million euros ($7.56 million) in the third quarter of its 2022/23 financial year.

Sales almost doubled to 187.5 million euros, driven mainly by its alkaline water electrolysis, where investors see potential for the business to scale up quickly.

Shares in Nucera rose by as much as 5% following the release of the results, before settling at around 4.2% higher by late morning.

The company confirmed its mid- and long-term targets, but warned that necessary spending on its growth strategy would weigh on its EBIT margin, which came in at 3.7% in the third quarter, down from 4.4% a year prior.

The company expects its EBIT margin to turn negative in the next quarter, but finance chief Arno Pfannschmidt said he still expected a positive result this financial year.

Nucera plans to forego a dividend for the foreseeable future, as outlined in its stock market prospectus.

We want to invest all the funds we have available here in growth,” Pfannschmidt said.

($1 = 0.9258 euros)

 

(Writing by Rachel More; Editing by Alison Williams, Kirsti Knolle and Mike Harrison)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts