The dividend is to be raised to the record level of EUR 3.40 per share.
(Photo: dpa)
Dusseldorf Despite the growing geopolitical risks, the plastics manufacturer Covestro is expecting a strong year in 2022. The management is forecasting a slightly lower profit, but this is not surprising after the extraordinary record year 2021. In principle, however, the group does not see any slump in business, reports persistently high sales prices and wants to keep adjusted profits at the high level of 2.5 to 3 billion euros this year.
These optimistic forecasts were well received on the stock exchange. With an increase of four percent to 48.70 euros, Covestro shares are currently at the top of the overall declining Dax 40. The plastics manufacturer is also attracting investors with a record dividend increased to EUR 3.40 and a share buyback of EUR 500 million.
Covestro can afford that after the strong year 2021. The group’s plastics are sold out in many segments, the prices for soft and hard foams have risen sharply. “We can look back on an extremely successful year that was characterized by strong demand,” said CFO Thomas Toepfer on Tuesday.
Last year, adjusted profit (Ebitda before special items) reached 3.1 billion euros, more than twice as much as in 2020. Sales also grew to 15.9 billion euros thanks to acquisitions.
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The group also set itself new climate targets. By 2035, Covestro wants to be climate-neutral and no longer emit any net greenhouse gases. By 2030, greenhouse gas emissions from in-house production and external energy sources are to be reduced by 60 percent to 2.2 million tons. In the long term, up to 100 percent renewable energies such as wind power and solar energy as well as alternative raw materials such as biomass or hydrogen are to be used in production.
With agency material
More: “We can hardly cover the demand”: Covestro boss is also optimistic for 2022