chemical company
BASF increases operating profit and sales significantly
At the beginning of 2022, BASF’s business developed much better than expected. Photo: Uwe Anspach/dpa
© dpa-infocom GmbH
The revenues of the world’s largest chemical company significantly exceeded analysts’ expectations in the first quarter. After taxes and non-controlling interests, however, the situation is different.
At the beginning of the year, the business of the world’s largest chemical group, BASF, developed much better than expected.
In the first quarter, according to preliminary figures, earnings before interest, taxes and special items (EBIT) rose by around a fifth to around 2.8 billion euros compared to the same period last year, as the Dax-listed company announced on Monday in Ludwigshafen. According to BASF, this significantly exceeded the expectations of analysts.
The proceeds from January to March were also above average expectations. The company increased sales in the first quarter by almost a fifth to around 23 billion euros.
After taxes and non-controlling interests, however, BASF failed to meet expectations: In addition, earnings were expected to be EUR 1.2 billion, below the figure for the same quarter of the previous year. This was due to impairments by Wintershall Dea: Loans to Nord Stream 2 AG were impaired by around 1.1 billion euros. The company intends to present the complete set of figures for the first quarter on April 29th.