Belgian chemicals conglomerate Solvay on Wednesday posted record profits for 2021 as well as stronger-than-expected four-quarters, helped by higher volumes and prices. The company said it expects to accelerate its pricing actions in 2022, forecasts its full-year EBITDA to grow by mid-single digits for the year and its free cash flow of more than 650 million euros ($736.13 million). Will be done.
Belgian chemicals conglomerate Solvay on Wednesday posted record profits for 2021 as well as stronger-than-expected four-quarters, helped by higher volumes and prices.
The company said it expects to accelerate its pricing actions in 2022, forecasts its full-year EBITDA to grow by mid-single digits for the year and its free cash flow of more than 650 million euros ($736.13 million). Will be done. "We have strengthened on all fronts, from pricing power to profitability, from cash generation to returns," CEO Ilham Qadri said in a statement.
After reporting its 11th consecutive quarter of positive free cash flow generation, Solvay increased its dividend from EUR 0.10 to EUR 3.85 per share, subject to shareholders' approval. The group, which makes lithium derivatives for batteries, said its net business was up 22.1% from a year ago, primarily driven by automotive, EV battery and electronic markets, record sales levels, high demand for soda ash and Thanks for the growth in agriculture. coating market.
"This year we faced new challenges and we overcame rising raw material and energy costs and supply chain constraints," kadri said. Solvay, whose products range from base chemicals such as soda ash to specialty polymers, reported fourth-quarter sales of 2.70 billion euros, beating the company's consensus of 2.52 billion euros.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter stood at EUR 572 million, well above the consensus consensus of EUR 517 million and an increase of 24% from the year-ago figure. For the whole of 2021, EBITDA was EUR 2.356 billion, up 27% versus 2020 and 8% versus 2019. ($1 = 0.8830 Euro)