Canadian Company Releases Quarterly Figures
Neo Performance Materials released its financial results for the fourth quarter of 2024 and the full year 2024 on Tuesday. The Canadian manufacturer of rare earth magnets and industrial materials reported a year-over-year revenue decline of nearly 17 percent to $475.8 million. However, compared to the fourth quarter of 2023, a slight increase was recorded.
For EBITDA, earnings before interest, taxes, and depreciation, Neo reported a 73 percent increase compared to the previous year. According to the company, this positive development was primarily driven by its rare earths business and magnet division.
Neo also remains on schedule with the construction of its rare earth permanent magnet factory – an industry otherwise almost entirely controlled by China. In Narva, Estonia, the production facility has already been completed, and the production of prototype components is set to begin in the first half of 2025. Large-scale commercial production is planned for 2026.
Photo: 8vFanI via Canva