Denmark-based wood pellet producer and trader CM Biomass announced record earnings for the company’s 2023-2024 fiscal year on June 25, despite facing significant challenges in the biomass industry, reported Biomass Magzine.
The industry encountered several hurdles during this period, including a mild and late winter season that reduced demand for wood pellets and led to a drop in prices.
Nevertheless, CM Biomass reported earnings before taxes (EBT) of EUR 41 million, marking the highest results in the company’s 15-year history. CM Biomass trades approximately 3.6 million metric tons of biomass annually and owns, either directly or through joint ventures, 11 production facilities in the U.S. and Denmark.
“We’re incredibly proud to deliver year-on-year positive results, this year being no different, and even record-breaking,” said Morten Buchgreitz, CEO of CM Biomass. “Much of this success can be credited to our organization and the many dedicated people who run production, trading, and back-office functions. It would not be possible without their dedication.”
Buchgreitz further highlighted the company’s business model as a flexibility provider, which has been particularly advantageous in a year of lower demand. “Our business model has allowed us to accommodate our clients by storing or buying back any excess products,” he said. “This grows trust and builds strong partnerships with clients, leading to better business.”
