Specialist tannery waste processor SICIT has reported revenues of €48.2 million for the first nine months of 2020, which represents growth of 11.5% year on year, reports Leatherbiz.
The group, which uses residues from the leather manufacturing sector to make amino acid- and peptide-based fertilisers, said this part of its business, its bio-stimulants division, had grown by 25% over the nine-month period.
Bio-stimulants contributed more than 60% of the group’s revenues between January and September 2020. The group’s second-biggest market, retardant products for the plaster industry, registered a decline of 8.8%, owing to what it called “the effects of the covid-19 emergency on the global construction market”.
SICIT describes itself as “one of the pioneers of the circular economy” because it uses hydrolysis to convert residues from the tanning industry into high-added-value products for the agriculture and construction sectors.