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Covestro Q4 Profit Rises; Sets New Dividend Policy

Covestro AG (CVVTF.PK,COVTY.PK) reported that its fourth quarter net income increased to 312 million euros from 37 million euros, a year ago. EBITDA was 637 million euros, more than double from previous year.

Fourth quarter Group sales rose by 5.0% to 3.0 billion euros as a result of higher selling prices. Core volumes sold rose by 1.7% year-on-year.

Covestro said the company is setting dividend payout on a new basis. The dividend payout ratio will amount to 35% to 55% of the net income generated by the Group.

Based on current performance, Covestro plans to distribute a dividend of 1.30 euros per share for fiscal 2020. This corresponds to a payout ratio of 55%.

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