(News Bulletin 247) – BASF announced this morning that its sales reached 20 billion euros in the 1st quarter, down 13.4% compared to the same period a year earlier. This decline reflects lower volumes in almost all segments due to weaker demand.
EBIT before exceptional items stands at 1.9 billion euros, down 31.5%, but “significantly above the average forecast”, underlines the German chemical group, which will hold its first AGM today. face-to-face for three years (a dividend of 3.4 euros for 2022 will be proposed).
“This development of BASF Group profits is mainly due to the significant decline in profit contributions in the Chemicals and Materials segments,” adds BASF.
The net result of 1.6 billion euros nevertheless shows an increase of 340 million euros compared to that of the same period of the previous year. It should be recalled that last year in the 1st quarter, write-downs on the stake in Wintershall Dea AG had weighed on the result.
EPS therefore finally stands at 1.75 euros, against 1.34 euros a year earlier.
In this context, BASF confirms its 2023 guidance, namely sales of between 84 and 87 billion euros, and EBIT before exceptional items of between 4.8 and 5.4 billion euros.
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