BASF upbeat on 2019 guidance despite weak start to the year - CEO

ICIS News | February 26, 2019

Despite a weak start to the year, BASF remains confident that global economic headwinds will ease in the second half of the year, the CEO at the German chemicals major said on Tuesday. Martin Brudermuller said that BASF expects a "slight" growth in sales for 2019, compared to 2018, driven by higher sales volumes and portfolio effects. Earnings before interest and taxes (EBIT) would also come "slightly" above 2018 levels. Despite falls in earnings for all divisions during the fourth quarter of 2018, Brudermuller said that BASF “is tackling these challenges” with a costs-saving programme which will have a positive impact in 2019 earnings of €500m.

Spotlight

In 2016, China’s petroleum and chemical industries realized a revenue of RMB13.3 trillion, accounting for 11.5 percent sales revenue among the country’s industrial enterprises above designated size. Stable growth and structure adjustment of China’s petroleum and chemical industries are important factors that guarantee a continuous and healthy development of the Chinese economy. At present, China’s economic development has entered a “New Normal”, with macroeconomic transformation and upgrading showing three general features: changed of the development speed, optimization of the industrial structure and conversion of the development force.

Spotlight

In 2016, China’s petroleum and chemical industries realized a revenue of RMB13.3 trillion, accounting for 11.5 percent sales revenue among the country’s industrial enterprises above designated size. Stable growth and structure adjustment of China’s petroleum and chemical industries are important factors that guarantee a continuous and healthy development of the Chinese economy. At present, China’s economic development has entered a “New Normal”, with macroeconomic transformation and upgrading showing three general features: changed of the development speed, optimization of the industrial structure and conversion of the development force.

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