Danish environmental company Genan reports that it achieved a record turnover of more than EUR 62 million las year, presenting a 4.6% increase in comparison with the previous year. Yet earnings dropped from close to EUR 3.5 million in 2021 to EUR 1.5 million in 2022 – mainly due to high energy and freight prices.

Despite these challenges, Genan, which has the capacity to turn more than 400,000 tons of end-of-life tires in total into new, usable materials each year, at its six recycling plants in Denmark, Germany, Portugal and the USA respectively, achieved a turnover of more than EUR 62 million.

“2022 turned out to be a most challenging year, for us as well as many other companies; and it is a year that new will not soon forget. The price of electricity multiplied at a very short notice – especially during the third quarter of 2022, when our monthly electricity bill went from EUR7 – 800,000 to around Eur 2.2 million”– commented Genan’s CEO, Poul Steen Rasmussen.

“At the same time, we faced a considerable increase of freight rates, which of course made us less competitive in the many export markets to which we supply. With that in mind, we are pleased to have achieved our all-time highest turnover in 2022; yet it goes without without saying that we are not satisfied with the fact that earnings have dropped this much”, he added.

To read the full 2022 Annual Report, proceed to Genan’s website.