Blockchain Press Releases
Trading update and acceleration of strategic actions
KAISERAUGST, Switzerland and HEERLEN, Netherlands, June 28, 2023 /PRNewswire/ — dsm-firmenich, innovators in nutrition, health, and beauty, provides pro forma consolidated figures, an update on trading for Q2 2023, together with an outlook for full year 2023. In addition, it announces the acceleration of initiatives to structurally improve its performance in vitamins.
The second quarter has seen a further weakening of the vitamin markets, predominantly impacting the performance of Animal, Nutrition & Health, and therefore also affecting the expectations for the company for the second half of 2023.
In response, dsm-firmenich has decided to accelerate a series of actions to restructure its vitamin business. This will result in increased earnings quality and a reduced exposure to vitamins and related earnings volatility.
The merger of DSM and Firmenich created a world-leader in nutrition, health, and beauty, which through its highly integrated portfolio of nutritional, natural, and renewable ingredients, together with complementary science capabilities and technologies, will deliver superior innovation-led growth. Together with the actions announced today, the company remains confident in achieving its mid-term financial targets.
Q2 2023 trading update
Since DSM’s Q1 2023 trading update of 2 May 2023, the challenging conditions in vitamin activities have further deteriorated during June, affecting both pricing and volumes, where the company had expected stable to improving conditions in a normally very strong month. These difficult conditions in vitamins are primarily affecting Animal Nutrition & Health, but also, to a lesser extent, Health, Nutrition & Care.
Consequently, dsm-firmenich expects for Q2 2023, on a pro forma basis, an Adj. EBITDA to be in a range of €400 – 420 million (compared to pro forma Adj EBITDA of €521m in Q1 2023 and €582m in Q2 2022). With this estimated Q2 result, H1 2023 pro forma Adjusted EBITDA will be in the range of €920 – 940 million (compared to € 1,177 million in H1 2022).
This H1 estimate includes an expected negative vitamin effect on Adj. EBITDA of about €200 million as well as a negative foreign exchange effect for dsm-firmenich of about €50 million.
Outlook FY 2023
Given the current weak macro-economic outlook, the company does not anticipate a material improvement in business conditions in the second half of 2023. Vitamin prices are expected to remain at low levels through to the end of the year, with some ongoing destocking through the value chain across its business.
As a result, the company estimates a FY 2023 (pro forma) Adj. EBITDA of between €1,800 –1,900 million (versus €2,275 million FY 2022).
Within this, the company estimates a negative vitamin effect on full year Adj. EBITDA of about €400 million as well as a negative foreign exchange effect for dsm-firmenich of about €100 million. The vitamin effect has been exacerbated by high vitamin inventories, produced at elevated costs, delaying the expected positive impact from lower input costs in H2 2023.
Adapting ANH strategy & accelerating vitamin improvement plans
Confronting these challenges, dsm-firmenich will accelerate its post-merger plans to strengthen the quality of its portfolio of assets, focusing on reducing the earnings impact and volatility from vitamins through clear and impactful actions:
- Restructuring of the vitamin asset footprint, significantly reducing costs. This includes the closure of the Xinghuo vitamin B6 plant in China and the refocusing of the company’s vitamin C activities on its specialty Quali®-C from Dalry (UK) only. The production of Vitamin C in Jiangshan, China, which had already been significantly reduced since the end of 2022, was completely shut down in mid-May and the company is exploring a range of options for the Jiangshan site including partnerships or the repurposing of the manufacturing assets.
- Creating a new separate vitamin unit within ANH that will be tailored to the changed market dynamics. This will result in a simpler, more responsive ‘go-to-market’ model, and a more efficient and agile organization.
- Reducing working capital/inventories, with extended shutdowns of the vitamin A and E plants in Sisseln (Switzerland), scheduled for Q3 2023.
- Establishing a new senior executive role, Vitamin Transformation Program Director, to deliver these performance plans, directly reporting to the CEO Dimitri de Vreeze.
- Accelerating the growth of Animal, Nutrition & Health in its higher-margin Performance Solutions and Precision Services businesses, tackling some of the biggest world challenges related to sustainable food chains, while optimizing its vitamin offerings, using its strong premix base.
Combined, all these actions are expected to result in an estimated saving of around €200 million per year with the full run rate to be reached by the end of 2024. These savings will be in addition to the €350m Adj. EBITDA merger synergies target.
Ingredients plant closure
The Pinova ingredients plant (Georgia, US), part of the Perfumery & Beauty business unit, which was seriously damaged by a fire in April 2023, will not be re-opened. The company will try, where feasible, to secure the supply of these ingredients by leveraging other production units.
Confirmation of dsm-firmenich mid-term financial targets
Further to the specific actions in vitamins as announced today, the company will also take a broader view on all business segments to prioritise and accelerate the company’s high growth/higher margin segments. The company will maintain strict cost controls, accelerated by a wide range of self-help cost saving initiatives, fully focused on maximizing the operational performance of its activities and significantly improve its cash flow generation supported by reducing its working capital.
dsm-firmenich is confident that through principally the quality of its core activities, the targeted €350m Adj. EBITDA synergies, and all actions being taken, it will realize its mid-term financial targets of 22-23% Adj. EBITDA margins and 5-7% annual organic sales growth.
The company remains committed to operating with a strong balance sheet and maintaining a strong investment grade rating, and will prioritise capex, innovation-led organic growth, and dividends in the coming period.
Within all the actions taken, the company remains committed to science, research, sustainability, and innovation, to ensure our growth for the short, mid, and long term and build the company for the future.
Additional financial information
The information above is presented on a pro forma basis. In its report for the first half of 2023 (to be announced on 2 August 2023), the company will report both on a pro forma basis (combined half year performance of DSM and Firmenich as if the deal was closed on 1 January 2023) as well as on IFRS basis (which includes 6 months of DSM activities and almost 2 months of Firmenich activities). The pro forma financial information for the period FY 2022 is disclosed on the website: https://www.dsm-firmenich.com/content/dam/dsm-firmenich/corporate/documents/dsm-firmenich-fy-2022-pro-forma-financials.pdf
The actions listed above in this press release will lead to an estimated impairment of €300-350 million in H1 2023. Total restructuring costs for 2023 incurred as a consequence of this announcement, are estimated at about €200 million. These restructuring costs are additional to the already announced costs related to the merger synergies of €250 million.
About dsm-firmenich,
As innovators in nutrition, health, and beauty, dsm-firmenich reinvents, manufactures, and combines vital nutrients, flavors, and fragrances for the world’s growing population to thrive. With our comprehensive range of solutions, with natural and renewable ingredients and renowned science and technology capabilities, we work to create what is essential for life, desirable for consumers, and more sustainable for the planet. dsm-firmenich is a Swiss-Dutch company, listed on the Euronext Amsterdam, with operations in almost 60 countries and revenues of more than €12 billion. With a diverse, worldwide team of nearly 30,000 employees, we bring progress to life™ every day, everywhere, for billions of people. www.dsm-firmenich.com
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Forward-looking statements
This press release may contain forward-looking statements with respect to dsm-firmenich’s future (financial) performance and position. Such statements are based on current expectations, estimates and projections of dsm-firmenich and information currently available to the company. dsm-firmenich cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements. dsm-firmenich has no obligation to update the statements contained in this press release, unless required by law. The English language version of the press release is leading.
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Blockchain Press Releases
Bybit Introduces BOB to P2P: Bolivian Traders Can Now Buy, Sell in Local Currency and Earn Commissions
DUBAI, UAE, May 12, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has expanded its peer-to-peer (P2P) platform to support the Bolivian Bolíviano (BOB), enabling users in Bolivia to buy and sell crypto with their national currency for the first time on the platform.
In addition to enhancing local access to digital assets, Bybit is launching a new merchant program that invites users to list BOB trading ads and earn generous bi-weekly commissions. High-performing merchants can earn up to 400 USDT every two weeks, with added incentives for those listing in multiple fiat currencies.
“Expanding our P2P platform to include BOB is a reflection of our dedication to financial inclusion and local empowerment,” said Mazurka Zeng, Head of Fiat at Bybit. “We’re proud to offer Bolivian users more ways to access crypto markets while also opening the door to new opportunities”.
Bybit P2P merchants receive tailored support, including 1-to-1 customer service and faster appeal resolutions. To qualify for rewards, merchants must maintain active listings for a specified number of hours each week and meet trading volume and order count targets. Performance is reviewed every two weeks, and rewards are distributed through the Rewards Hub.
This launch represents another step in Bybit’s ongoing commitment to bring crypto access and earning potential to communities around the world through localized, user-friendly P2P services.
Bybit is actively expanding in the LATAM market and has seen a consistent rise in user requests from Bolivia to support the Boliviano (BOB) on its P2P platform. As crypto adoption continues to grow across the region, adding BOB would enhance accessibility for local users and empower them to engage more easily with the digital asset economy.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
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Blockchain Press Releases
MEXC Lists 160 Tokens in April, Delivers Over 800% Returns Across Top Gainers
VICTORIA, Seychelles, May 12, 2025 /PRNewswire/ — MEXC, a leading global cryptocurrency exchange, has released its April 2025 trading highlights, showcasing impressive results in token performance, early listing advantages, and community-driven events like airdrops.
Key Takeaways:
- MEXC listed 160 new tokens in April, led by trends in Meme, GameFi, AI, and DePIN sectors.
- Top 10 new listings delivered an average of 832.33% ATH return, with HOUSE soaring +3,830%.
- Tokens with high spot trading volume saw daily returns averaging 403.49%.
- By pioneering listings for five key tokens—most notably HOUSE, which surged 11,580% between listings—MEXC gave users early access prior to their inclusion in IDO and alpha programs on other tier1 exchanges.
- Airdrop+ campaigns reached 40,000+ participants, distributing about $1.5M in token rewards with a 40 USDT average return per user.
According to the report, MEXC listed 160 new tokens in April, a 16.79% increase compared to March. This increase was driven by surging user interest in sectors such as Meme coins, GameFi, AI, and DePIN. This expansion of early-access opportunities reflects MEXC’s agile listing strategy and commitment to supporting new niches and communities.
Top New Listings Deliver 832% Average Peak Returns
MEXC’s strategic approach to listings paid off, with the top 10 tokens achieving an average all-time high return of 832.33%. HOUSE led the pack, posting a remarkable +3830.90% gain, followed by SEED (+952.63%) and TROLLSOL (+831.31%). These high performers span ecosystems including Solana, Sui, BSC, Ethereum, and Babylon.
Strong Daily Performance Tied to Trading Volume
April’s top 10 tokens by spot trading volume also posted robust short-term returns, with an average 24-hour return of 403.49%. Among them were the following assets:
- WCT (+849.40%)
- BANK (+937.10%)
- BABY (+738.00%)
The early token growth metrics highlight that activity on the platform is an important signal for early traders.
MEXC Empowers Traders with Early Price Discovery Capabilities
Notably, five tokens later featured in leading IDO and alpha programs were listed on MEXC prior to their program debuts, posting price gains of several hundred to several thousand percent between the two events:
- HOUSE: +11,580%
- PUMP: +281.54%
The report findings reinforced MEXC’s reputation as a platform where market momentum is often detected first.
Airdrop+ Events Attract 40,000 Participants, Drive New Token Buzz
MEXC ran 23 Airdrop+ campaigns during the month, attracting over 40,000 participants and distributing almost $1.5 million in tokens. The average return per participant was 40 USDT, with top-performing tokens like SEED, PUMP, and BABY included in the prize pools.
Airdrop+ has proven itself as a tool not only for attracting but also activating users, especially in Asian and emerging markets. A recent MEXC report based on the analysis of more than 100 campaigns in recent months revealed that up to 35% of new users register through participation in airdrop activities. Users involved in the campaign were more likely to continue active trading and participate in subsequent IDO/IEO offerings on the platform.
About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC
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Blockchain Press Releases
HashKey Group Announces Launch of HashKey Global MENA with VASP License in UAE
HONG KONG, May 12, 2025 /PRNewswire/ — HashKey Group (“HashKey”), a leading end-to-end digital asset financial services group in Asia Pacific, has secured a Virtual Asset Service Provider (VASP) license from Dubai Virtual Assets Regulatory Authority (VARA). The license was granted to HashKey MENA FZE, the operating entity of HashKey Global MENA, marking the official launch of the company in the United Arab Emirates (UAE). With this license, HashKey Global MENA is authorized to provide both Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services within, and originating from, the Emirate of Dubai.
Securing the VASP license represents a significant milestone in HashKey’s market expansion strategy into the region. As the UAE continues to establish itself as the premier hub for digital assets in the Middle East, HashKey Global MENA will cater to consumers and enterprises seeking trusted, compliant access to virtual asset services.
To meet the growing institutional needs, the company will introduce a suite of products and services distinguished by several best in class features:
- USD and AED Deposits & Withdrawals: Offers fiat on and off-ramp, allowing users to directly transfer USD from their bank account to HashKey Global MENA’s fiat wallet. As a strategic partner, Standard Chartered provides fiat currency deposit and withdrawal services for the platform. Powered by the bank’s industry-leading (on & off)-ramp solution, the platform offers users a reliable, and highly efficient fiat deposit and withdrawal experience.
- OTC Services: HashKey Global MENA OTC delivers regulated block trading with competitive all-inclusive pricing, ensuring transparent quotes and zero hidden fees for market-leading rates. Large orders benefit from instant execution, eliminating slippage risks, while flexible settlement options cater to institutional and HNWI liquidity needs.
- Major Top 10 Tokens Available For OTC: Access top-tier cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), alongside stablecoins (USDT, USDC), available through OTC services through on and off ramps using USD and AED. BTC and ETH remain the most sought-after tokens, offering trusted liquidity and alignment with institutional demand. All assets are custodied on a VARA-licensed platform with institutional-grade safeguards.
“As a licensed platform, HashKey Global MENA embraces institutional needs by offering a regulated gateway for fiat-crypto transactions, backed by institutional-grade safeguards and strategic partnerships like Standard Chartered. Our regional expansion ambitions, with a strategic focus on the GCC, are rooted in empowering MENA’s institutions and HNWIs with seamless, cost-efficient access to global crypto markets, reinforcing the UAE’s position as a hub for blockchain innovation while prioritizing compliance and client protection at every step,” said Sherif Sanad, Country Manager, HashKey Global MENA.
The UAE has firmly established itself as the third-largest crypto economy in the MENA region. To meet the needs of this rapidly expanding market, HashKey Global MENA will deliver not just virtual asset trading services, but will continue to evolve and develop innovative digital asset products, designed and delivered within VARA’s robust regulatory and compliance framework.
“At HashKey, we believe innovation in crypto shouldn’t come at the cost of compliance. In fact, the industry’s future depends on building boldly—while staying within clear, trusted regulatory frameworks. That’s why we’re committed to working closely with regulators around the world to deliver reliable digital asset products and services on a global scale,” said Sherif Sanad, Country Manager, HashKey Global MENA.
HashKey Group already holds digital asset-related licenses from regulators in Hong Kong, Singapore, Japan, and Bermuda, as well as VASP registration in Ireland. As part of its ongoing commitment to building a world-class regulatory footprint, the company is also actively pursuing a Markets in Crypto-Assets (MiCA) license in the European Union. The HashKey Global MENA exchange will be live starting from May 19th.
About HashKey Global MENA
HashKey Global MENA is the exchange business under HashKey Group, offering licensed crypto asset trading services to users worldwide. HashKey MENA FZE (VL/18/03/002), the operating entity of HashKey Global MENA, is licensed by the Dubai Virtual Assets Regulatory Authority (VARA) as a Virtual Asset Service Provider. Certain services, features, and campaigns may not be available in your jurisdiction.
Disclaimer: https://group.hashkey.com/disclaimer-group/blank-1
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View original content:https://www.prnewswire.co.uk/news-releases/hashkey-group-announces-launch-of-hashkey-global-mena-with-vasp-license-in-uae-302452212.html
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