Potash miner K+S beats 2024 core profit forecast
German potash and salt miner K+S beat 2024 core profit expectations on Thursday as higher sales volumes from agriculture customers helped to offset lower potash prices.
The group reported earnings before interest, tax, depreciation and amortisation (EBITDA) of €557.7-million ($607.2-million), topping analysts' average forecast of €542.3 million, according to Vara Research.
Rivals such as US-based Mosaic and Canada's Nutrien reported lower than expected 2024 results on the back of lower sales.
"Considering that we had a year in which potash prices were at a relatively low level ... we really came through this year well," CEO Burkhard Lohr said in an interview.
Potash prices stabilised in 2024, following a period of volatility caused by Russia's invasion of Ukraine that shrank margins at potash miners.
In 2025, K+S expects EBITDA to range between €500-million and €620-million.
Analysts' average forecast is €537.5-million, according to Vara Research.
"Perhaps we will also achieve the 80-million tons of global potash demand for the first time in this industry. However, this also depends on how the spring season goes", Burkhard Lohr said.
K+S will propose a 2024 dividend of 15c a share, it said. Last year, it paid out €0.70 a share.
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