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BASF Q4 Profit Surges; To Pay Bonus For Employees

German chemical company BASF Group (BFA.L,BASFY.PK) reported that its fourth-quarter net income surged to 1.06 billion euros or 1.15 euros per share from 150 million euros or 0.16 euros per share in the previous year.

Adjusted earnings per share was 1.10 euros compared to 0.64 euros in the prior year.

EBITDA before special items rose by 15 percent in the fourth quarter to 2.1 billion euros. EBITDA amounted to 2.0 billion euros, compared to 1.6 billion euros in the fourth quarter of 2019.

EBIT before special items rose in the fourth quarter by 32 percent to 1.1 billion euros from the previous year. The increase was primarily due to significantly higher earnings in the Materials, Chemicals and Industrial Solutions segments. This more than offset lower contributions from the other segments as well as from Other.

Sales for the fourth quarter increased by 8 percent to 15.9 billion euros from the prior year. Volumes were up by 7 percent. Prices also increased by 7 percent, driven mainly by the Surface Technologies, Agricultural Solutions and Materials segments.

The BASF Board of Executive Directors and Supervisory Board will propose to the annual shareholders' meeting a resolution to pay a dividend of 3.30 euros per share. In total, BASF plans to pay out 3 billion euros to its shareholders.

The Board of Executive Directors has decided to pay a bonus as a sign of recognition and appreciation.

BASF expects the global economy to recover in 2021 after the sharp downturn resulting from the coronavirus pandemic. However, uncertainty about future developments remains exceptionally high.

Looking ahead for 2021, the company expects income from operations or EBIT before special items to be between 4.1 billion euros and 5.0 billion euros, compared to 3.6 billion euros in 2020.

The company anticipates annual sales to between 61 billion euros and 64 billion euros, compared to 59.1 billion euros in 2020.

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