Annual and Sustainability report 2022 published - Transformation is making Nynas stronger
2022 was a year of transformation for Nynas. A company restructuring began that will make Nynas more financially resilient as a strong base for future success.
“The improvement steps implemented in 2022 form a strong platform for further growth in 2023 and the years to come. We already see stronger financial results which demonstrates that we are on the right path and that the transformation is yielding desired effects”, says Stein Ivar Bye, Chairman of the Board and CEO.
The market was a volatile one in 2022. Unpredictable commodity prices, coupled with global uncertainty due to the conflict in Ukraine, resulted in escalating energy prices putting the price of bitumen at historical highs for periods of 2022. As a consequence, there was a change in demand for bitumen when some governments and other customers postponed their infrastructure and building projects.
Sales of our Naphthenic Specialty Products (NSP) remained more stable, with steady demand from industrial customers. We continued to build on our customer and supplier relationships, doing everything possible to honour contracts and commitments and work together to ensure timely deliveries and supply.
Sustainability runs throughout the Nynas value chain, and our vision is to create innovative products that help our customers and society transition to a more sustainable world. Our sustainability programme is aligned with UN Sustainable Development Goals, and we have committed to targets for CO2 reductions by 2030 and carbon neutrality by 2050. We will also continue to increase our focus on sustainability and product innovation in collaboration with our customers.