Achema faces decline in sales

Lithuanian producer of nitrogen fertilizers Achema reported its 2020 operation results, which turned out to be negative.

According to the company’s press-release, Achema’s nitrogen fertilizer sales fell by 3% to 2.47 million tons. The revenue collapsed by 19% to €375 million (approximately $455 million), however, EBIT doubled to €69.2 million (approximately $84 million).

“Despite the COVID-19 pandemic and a difficult start of the year, the demand for nitrogen fertilizers remained stable. Europe’s food consumption hasn’t diminished as well. High grain prices encouraged farmers to invest in increasing grain yields, which influenced the purchase of fertilizers,” said Achema CEO Ramūnas Miliauskas.