German Chemical Company Covestro Achieves Record High Performance Last Year... Operating Profit 4.2 Trillion Won
German Chemical Materials Company
"Strong Global Demand Leads to Solid Performance"
"3.4 Euro Dividend per Share... 500 Million Euro Share Buyback Over 2 Years"
[Asia Economy Reporter Moon Chaeseok] German chemical materials company Covestro announced on the 15th that it doubled its performance last year, achieving record-high results thanks to global demand and high selling prices.
Covestro's operating profit last year more than doubled compared to the previous year to 3.1 billion euros (approximately 4.22 trillion KRW), sales increased by 48.5% to 15.9 billion euros (approximately 21.63 trillion KRW), and net profit more than tripled to 1.6 billion euros (approximately 2.177 trillion KRW).
The Performance Materials division recorded sales of 8.1 billion euros (1.102 trillion KRW), up 48.9% from the previous year. Despite growth being limited due to production stoppages and delivery delays caused by adverse weather, and expanded supply chain difficulties due to raw material shortages, strong global demand and high selling prices led to solid results. The Solutions & Specialties division overcame raw material bottlenecks thanks to high selling prices and recorded sales of 7.6 billion euros (approximately 1.0342 trillion KRW), a 49.3% increase from the previous year.
Hot Picks Today
"Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Don't Throw Away Coffee Grounds" Transformed into 'High-Grade Fuel' in Just 90 Seconds [Reading Science]
- "Why This Bonus Grade?" Civil Servant Who Assaulted HR Employee... Court Rules Demotion Is Justified
- "Groups of 5 or More Now Restricted"... Unrelenting Running Craze Leaves Citizens and Police Exhausted
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
Having achieved record-high results, Covestro plans to propose a dividend of 3.40 euros per share (approximately 4,625 KRW) at the shareholders' meeting to be held on the 21st. Covestro's board of directors decided to repurchase and cancel about 500 million euros (680 billion KRW) worth of treasury shares over the next two years. By repurchasing and canceling treasury shares, the company expects to reduce the number of shares in circulation, increase stock value, stabilize the stock price, and enhance shareholder value. Covestro stated, "We plan to strive to create additional value for shareholders through treasury share repurchases and cancellations."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
