German chemical company Wacker Chemie AG (WKCMY.PK) reported Tuesday that its fiscal 2023 net income plunged 74.5 percent to 327 million euros from last year's 1.28 billion euros.
Earnings per share dropped to 6.31 euros from 25.18 euros a year ago.
Earnings before interest and taxes or EBIT dropped 76 percent to 405 million euros. Earnings before interest, taxes, depreciation and amortization or EBITDA reached 824 million euros in 2023, down 60 percent.
The chemical Group's sales totaled 6.40 billion euros, down 22 percent from 8.21 billion euros a year ago, prompted primarily by lower prices and volumes.
Further, the company said its Executive and Supervisory Boards will propose a dividend of 3.00 euros per share at the Annual Shareholders' Meeting.
Regarding the current trading, Wacker Chemie said sales in the first two months of fiscal 2024 were lower than last year's.
For the first quarter, WACKER expects to generate Group sales of around 1.5 billion euros, and EBITDA at the level of the prior quarter.
Further, for fiscal 2024, Wacker expects slight decline in sales and earnings amid weak market conditions.
Sales are forecast at between 6 billion euros and 6.5 billion euros, with EBITDA between 600 million euros and 800 million euros. At the same time, WACKER expects volume growth.
The company further said it remains committed to 2030 growth targets of sales over 10 billion euros and EBITDA margin exceeding 20 percent.
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