The European waste management operations of environmental services group Suez have raised their revenue and earnings in the first half of 2019. The division benefited from “supportive pricing power in all geographies, driven by the saturation of treatment facilities”. Waste volumes were nearly stable, according to the first-half results presentation released today in Paris.
The operations make up the group’s “Recovery & Recycling Europe” division, which raised its turnover three per cent to €3.2bn in the first six months of the current year. Earnings before interest and tax (Ebit) were up almost seven per cent to €150m. The unit achieved organic revenue growth in all regions.
Suez to acquire stake in Saudi hazardous waste specialist
Suez also announced a transaction in Saudia Arabia. A consortium consisting of the group, the state-owned Saudi Five Capital Fund I, the French sovereign wealth fund and the Saudi institutional investor Kingdom Holding Company will acquire a 65 per cent in the hazardous waste management company Environment Development Company (EDCO). Financial details about the transaction were not disclosed.
According to Suez, EDCO is the main operator in the Jubail industrial city active in transport, treatment and disposal of hazardous waste, in particular from the petrochemical industry. The company has a processing capacity of 150,000 tonnes a year and operates landfills and two energy-from-waste facilities, the group reports.