Pic: Suominen
In 2024, net sales of the Americas business area amounted to €287.9 million and the Europe, Middle East, and Africa (EMEA) business area to €174.4 million.
The comparable EBITDA rose to €17.0 million (~$18.36 million), while EBITDA increased significantly to €17.2 million. The comparable operating loss narrowed by 50 per cent to negative €1.4 million, and the operating loss reduced significantly to negative €1.3 million, reflecting an 82.7 per cent YoY improvement. The capital expenditure of the company rose to €16.0 million from €11.2 million in 2023.
The cash flow from operations dropped to €3.9 million (€0.07 per share) from €30.7 million (€0.53 per share) in 2023. Capital expenditure rose to €16.0 million from €11.2 million.
Suominen expects that its comparable EBITDA (earnings before interest, taxes, depreciation and amortization) in 2025 will improve from 2024, the company said in its annual report.
The number of employees in the company grew to 736 in 2024 from 673 last year, and lost time accidents fell to four from six. Environmentally, energy consumption rose to 524,735 megawatt-hour (MWh), while greenhouse gas emissions slightly decreased to 94,800 tonnes of CO2 equivalent.
Suominen increased the sales of sustainable products by 87 per cent in 2024, exceeding its target of a 50 per cent increase compared to the base year 2019. The company targets to launch over 10 sustainable products annually, and in 2024, it launched 11 such products.
“In 2024 we encountered both successes and difficult moments. We saw gradual improvement driven by both commercial and operational excellence in the beginning of the year, but the second half of the year was challenging for us,” said Tommi Bjornman, president and chief executive officer (CEO) at Suominen. “We took part in the EcoVadis sustainability assessment for the third time and improved our score from silver to gold level. The result places Suominen in the top 1 per cent of companies in the manufacture of other textiles industry and in the top 5 per cent of all companies in all industries rated by EcoVadis.”
Fibre2Fashion News Desk (SG)