London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950
info@mrcplast.com

Our Clients

Order Informer

 
Home > News >
 

BASF Q1 operating profit up 29% on petrochemicals

May 18/2017

MOSCOW (MRC) -- Germany's BASF, the world's largest chemicals group by sales, posted a stronger-than-expected gain in quarterly operating profit on strong demand for its basic petrochemicals such as precursor materials for insulation foam, said the company on its website.

BASF Groups sales rose by 19% in the first quarter of 2017 to EUR16.9 billion. In all segments, the positive volume trend seen in previous quarters was maintained and led to growth of 8% in sales volumes. Furthermore, BASF achieved significantly higher sales prices (up 8%), especially in the Chemicals segment. Currency effects and the Chemetall business acquired from Albemarle in December 2016 also contributed to the increase in sales.

BASF Groups income from operations (EBIT) before special items was 29% higher at EUR2.5 billion. Of this amount, EUR2.0 billion was generated by the chemicals business, which comprises the segments Chemicals, Performance Products and Functional Materials & Solutions. Earnings in the chemicals business thus grew by 37%.

BASF received an initial insurance payment of EUR100 million in connection with the accident that occurred at the North Harbor in Ludwigshafen last October. Around three-quarters of this amount was recognized in the Chemicals segment.

EBIT grew by EUR585 million to EUR2.5 billion compared with the first quarter of 2016.

Net income rose by EUR322 million to EUR1.7 billion. Earnings per share were EUR1.86 in the first quarter of 2017, compared with EUR1.51 in the same quarter of 2016. Adjusted for special items and amortization of intangible assets, earnings per share amounted to EUR1.97 (first quarter of 2016: EUR1.64).

As MRC informed earlier, the European Commission has approved under the EU Merger Regulation the acquisition of the industrial coatings business of German chemicals company BASF by AkzoNobel of the Netherlands.

BASF is the largest diversified chemical company in the world and is headquartered in Ludwigshafen, Germany. BASF produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries. BASF had sales of over EUR74 billion in 2014 and over 113,000 employees as of the end of the year.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, gas processing, petrochemistry, BASF, Germany.
Category:General News
|
| More

Leave a comment

MRC help

 


 All News   News subscribe