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Schoeller Bleckmann scraps dividend after posting full-year loss

· 03/17/2021 03:53
Schoeller Bleckmann scraps dividend after posting full-year loss

- Austrian oilfield equipment producer Schoeller-Bleckmann (SBO) SBOE.VI on Wednesday said it would not pay a dividend for 2020 after swinging to a full-year loss, citing the drop in demand for oil and gas caused by the coronavirus pandemic.

The company, which generates a large chunk of its revenue in North America, posted a post-tax loss of 22 million euros ($26 million) after earning a 32 million euro profit in 2019.

2020 was one of the toughest years in the industry's history, with an unprecedented drop in oil and gas demand during the pandemic.

Schoeller Bleckmann expects to see a moderate increase in activities in the first half of the year, which should gain momentum in the second half of 2021.

The group said its full-year revenues fell 35% to 291 million euros, confirming the preliminary figure. nFWN2JT0VQ


($1 = 0.8406 euros)


(Reporting by Bartosz Dabrowski in Gdansk, editing by Thomas Escritt)

((bartosz.dabrowski@thomsonreuters.com; +48 587696560;))