As in previous years, the focus of Arkema (Colombes, France; www.arkema.com) on high-performance polymers and speciality chemicals proves to make the group significantly more resilient than others in the plastics sector. This is also reflected in the increased dividend. With sales volumes down 10%, turnover decreased only 16.1% to EUR 9.5 bn and EBITDA declined almost 30% to EUR 1.5 bn. The bottom line was a net profit of EUR 653 mn – 44% less than in the previous year.

However, the fourth quarter already showed signs of a turnaround: the results of all four business divisions were up – significantly so in some cases – despite the continued slight erosion of sales.

CEO Thierry Le Henaff expects this trend to continue in the first quarter of 2024 even if even if forecasts are difficult under current conditions. However, he does not expect an actual upswing until the middle of the year.

Arkema projects EBITDA of EUR 1.5 bn to 1.7 bn for 2024, to which the majority takeover of polyimide specialist PI Advanced Materials (PIAM, Seoul, South Korea; www.pimaterials.com) is expected to contribute.

Related: Arkema acquires Irish construction supplier Arc Building Products

Looking at business segments, the company’s results were likely saved by its Adhesives. With sales declining only 6.3%, the division merely lost a small fraction of sales and even achieved a positive EBITDA of 3.8% on that. This was partly due to a number of smaller acquisitions.

Arkema’s other activities – high-performance polymers, coatings, and intermediates – reported declines in revenue of 16-26% and results that were 30-40% below those of the previous year.