Nynas releases 2023 results
The company reports it experienced strong demand for its Naphthenic Specialty Products (NSP), particularly in transformer oils.
Image source: Nynas
Sweden, Stockholm: Nynas returned to profitability in 2023, driven by the strong performance of its core operations. With a smaller footprint than in the past, the company posted a positive operating result of SEK 566 million ($52.4 million) in 2023, increased its adjusted EBITDA to SEK 829 million ($76.7 million) and recovered equity. Net income in 2023 was SEK 592 million ($54.8 million).
The company reports it experienced strong demand for its Naphthenic Specialty Products (NSP), particularly in transformer oils, which it says contribute to the energy transition by helping customers increase the efficiency and expansion of their electrical infrastructure. During the year, it continued to develop its capability to source feedstock from a variety of sources through rapid testing and decision-making, thereby enhancing its feedstock sourcing capabilities. SEK 600 million ($55.5 million) was invested over the course of the year, including a largescale turnaround of the biggest production plant.
“We have proven that Nynas is a sustainable business, built on unique products, infrastructure, and market position, and achieved a strong performance both commercially and financially in 2023. Sustainability is the main driver in our R&D projects today. Through innovative products we support our customers and society transition to a more sustainable world”, explains Eric Gosse, Nynas’ CEO.
The company says it is currently expanding the portfolio of circular products and exploring new circular feedstocks. In 2023, it launched a project with Stena Recycling to collect and re-refine end-of-life transformer oils to use as feedstock. It also aims to improve the energy efficiency at all its sites and introduce energy sources with a lower climate impact.
Source: Nynas