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Chiho Environmental forecasts jump in first-half revenue and earnings

William "Tom" Bird
28.07.2021 − 

The Chiho Environmental Group has seen a marked improvement in its financial performance in the first half of 2021. Both the volumes of recycled metal traded and the margins for these materials had risen significantly compared to the previous year, according to a recent announcement from the Chinese group, which also owns the US recycler Liberty Iron & Metal and the German metals recycler Scholz.

The year-over-year increases in earnings were even sharper. The group expected to book earnings before interest, taxes, depreciation and amortisation (Ebitda) of at least HKD660m – or around €70m - for the first six months of this year.

The concern now predicts bottom line earnings of at least HKD220m (ca. €25m) for the first half. In the prior-year half, the ferrous and non-ferrous scrap metals recycler had reported a loss of HKD288m.

Tom Bird returns to Chiho and Scholz

Chiho Environmental also announced that Tom Bird had rejoined its executive management team, assuming the role of Chief Trading Officer on 1 July. According to the Chiho statement, Mrs Bird will be responsible for global trading management, trading strategy planning and streamlining trading policies and procedures of the Chiho Group and its subsidiary Scholz Recycling.

Mr Bird had previously served as COO of Chiho Environmental Group from 2017 to 2019, when he left the company to be closer to his family in the UK. He has more than 35 years in the scrap metals industry, with experience in local and global markets, said Chiho's CEO Rafael Suchan.

Prior to Chiho, Mr Bird served in senior positions at Liberty Metal Recycling, Sims and Van Dalen. He is the current president of the umbrella organisation Bureau of International Recycling (BIR) and was recently re-elected for a second two-year term.

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