COPENHAGEN, Feb. 7 (Xinhua) -- Danish enzyme maker Novozymes, which partners with German-owned agribusiness giant Monsanto, fulfilled its announced sales targets for the full year 2017, and expects good momentum going into 2018, the company said here Wednesday.
Revenue stood at 14.53 billion Danish kroner (2.41 billion U.S. dollars) in 2017, up 3.0 percent from 14.14 billion kroner in 2016, Novozymes said in its annual financial statement.
Earnings before interest and tax (EBIT) rose 3.0 percent to 4.05 billion kroner in 2017, up from 3.946 billion kroner in 2016.
Net profit was 3.12 billion kroner, up 2 percent from 3.05 billion kroner year-on-year.
Sales to food and beverages and bioenergy were the most significant contributors to sales growth in 2017, increasing 9.0 percent and 11 percent year-on-year respectively, while sales to agriculture and feed decreased by 3.0 percent.
"2017 was satisfactory with solid growth and margins," said Novozymes CEO Peder Holk Nielsen in the statement.
In 2018, Novozymes expects organic sales growth of 4 to 6 percent and an EBIT margin of around 28 percent, referring to "good momentum in the business and a strong pipeline of products and opportunities."
It also expects net profit growth to be negligible due to strong negative impact from currencies.
"Our key priorities for 2018 are to increase our presence with new and existing customers, especially in emerging markets, and ensure we cater to individual customer needs with impactful innovation," Nielsen added. (1 U.S. dollar = 6.03 Danish kroner)
