Umicore Looking At 2021 Profit Boost From EVs: Report

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  • The recycling business should also benefit strongly from high precious metal prices.
  • Chief Executive Marc Grynberg told analysts Umicore was well positioned to benefit from Europe’s electric vehicle push

As per a report by Reuters, Belgium’s Umicore expects the European electric vehicle market to boost its battery business in 2021 as the company forecast “substantial” group-level growth compared to last year. The report added that the company said that volume growth in its battery materials segment in 2021 should “more than offset” the overcapacity and pricing pressures that weighed on it last year. Chief Executive Marc Grynberg told analysts Umicore was well positioned to benefit from Europe’s electric vehicle push.

Recycling business should also benefit strongly from high precious metal prices

The report added that the market share of electric vehicles based on new car registrations increased to 10.5 per cent in the European Union in 2020 from 3 per cent the previous year, as per data from the European Automobile Manufacturers’ Association. The auto in dustry showed signs of recovery in the second half of last year, led by China, where car sales subsequently increased 30 per cent in January. It added that this development should boost results, especially in Umicore’s catalysis business. It added that its recycling business should also benefit strongly from high precious metal prices.

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As per the report, the company reported adjusted earnings before interest and tax (EBIT) at 536 million euros ($650 million) in 2020. This is up five per cent from a year earlier and above consensus of 527 million euros.

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