Solvac (SOLV) H1 2024 earnings summary

Executive summary

• Cash income for H1 2024 remained stable at €132.1 million, matching H1 2023, driven by unchanged total dividends from Solvay and Syensqo at €4.05 per share.

• Net profit for H1 2024 decreased to €76.0 million, down €3.0 million year-over-year, mainly due to a lower dividend component and higher financial charges.

• The first interim dividend for 2024 is set at €3.486 gross per share, a 4.0% increase from the prior year, with payment scheduled for August 27, 2024.

Financial highlights

• Operating expenses increased slightly to €1.6 million in H1 2024 from €1.2 million in H1 2023.

• Financial charges rose by €196k, mainly due to higher short-term debt interest rates and longer debt duration.

• Net profit per share for H1 2024 was €5.96.

Outlook and guidance

• The company will decide on a potential second interim dividend after Solvay and Syensqo announce their Q3 dividend advances in November 2024.

• Policy remains to distribute nearly all dividends received from Solvay and Syensqo, net of costs and financial charges.