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NINE MONTHS: BASF'S SALES UP 37%, REPORTS $6.2B NET INCOME
Oct. 28, 2021
Source: BASF news release
BASF Group's strong business development continued in the third quarter of 2021. Demand for BASF's products remained solid over the summer months. "This enabled us to continue to grow profitably," said BASF's Chairman of the Board of Executive Directors, Dr. Martin Brudermüller, who presented the results of the third quarter together with Chief Financial Officer Dr. Hans-Ulrich Engel. "Compared with the third quarter of the previous year, we increased prices by 36 percent and volumes by 6 percent," Brudermüller said.
At €19.7 billion, sales were €5.9 billion higher than in the prior-year quarter. This was largely attributable to higher prices in all segments, especially in Chemicals, Surface Technologies and Materials. The sales growth was also due to a significant increase in volumes in almost all segments.
At €1.9 billion, income from operations (EBIT) before special items was €1.3 billion higher than the level of the third quarter of 2020. This was mainly driven by the significantly higher EBIT before special items in the Chemicals segment. The significant earnings increases in the Materials and Industrial Solutions segments as well as in Other also lifted earnings.
By contrast, earnings contributions from the Agricultural Solutions, Surface Technologies and Nutrition & Care segments declined considerably. "With strong earnings contributions from the Chemicals and Materials segments, the earnings mix in the third quarter of 2021 was comparable with the second quarter of 2021," said Brudermüller. "Our downstream businesses are still confronted with further rising raw material, energy and freight costs. Price increases in most downstream businesses could only partially offset these higher costs."
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