BERLIN, July 28 (Xinhua) — German chemical giant BASF posted a year-on-year sales growth of 56 percent in the second quarter (Q2) to 19.75 billion euros (23.23 billion U.S. dollars), the company announced on Wednesday.
After losses of 878 million euros in Q2 last year, net income rose to 1.65 billion euros, according to BASF.
“The strong growth momentum of the previous two quarters has continued,” said Martin Brudermueller, chief executive officer (CEO) of BASF SE. “Thanks to higher prices and volumes, we can present very strong second-quarter results today.”
Q2 sales in the company’s chemicals segment even increased 91 percent year-on-year and reached 3.4 billion euros. “The sales increase was primarily due to significantly higher price levels, owing largely to strong demand alongside lower product availability,” BASF noted.
BASF also significantly increased sales in its materials segment, the plastics division, by 75 percent to 3.7 billion euros, according to the company.
The planned joint venture between BASF and Shanshan, a leading provider of lithium-ion battery materials to produce cathode active materials (CAM) and precursors (PCAM) in China, is expected to be completed in the second half of 2021, subject to the approval of the relevant authorities.
BASF forecasted full-year sales to grow to between 74 billion and 77 billion euros “due to the strong business development in the first half of 2021, the ongoing upturn of the global economy, and the considerable increase in earnings expectations in the chemicals and materials segments.” (1 euro = 1.18 U.S. dollars)
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