BERLIN (dpa-AFX) - Covestro AG (CVVTF.PK, COVTY.PK), a manufacturer of high-tech polymer materials, reported Tuesday that its fourth-quarter net income fell 3.2 percent to 302 million euros from previous year's 312 million euros.
EBITDA grew year on year by 4.1 percent to 663 million euros with strong global demand.
Group sales in the final quarter grew 44.3 percent to 4.3 billion euros from previous year's 3.0 billion euros, mainly with higher selling prices as a consequence of the rise in raw material prices.
Core volumes sold in the fourth quarter of 2021 rose 4.6 percent compared with the previous year.
Further, Covestro plans to propose a dividend of 3.40 euros per share to the Annual General Meeting on April 21, 2022. That is equal to a payout ratio of 41 percent.
Covestro's Board of Management has also resolved on a share buyback program with a total volume of approximately 500 million euros over the next two years.
Looking ahead, Covestro anticipates EBITDA for the first quarter of 2022 to be between 750 million euros and 850 million euros.
For fiscal 2022, Covestro expects an EBITDA value between 2.5 billion euros and 3.0 billion euros.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
