German chemical firm Covestro reported an increase in both group sales and volumes sold in the third quarter on improving global demand.
Group sales rose by 1pc to €3.6mn ($3.88mn) in the third quarter, despite lower selling price levels across all regions, Covestro said in an earnings call on Tuesday.
An increase in volumes across the Asia-Pacific and Europe, Middle East, Africa and Latin America (EMLA) regions buoyed sales and offset declining prices. Total product volumes rose by 6.1pc year over year, driven by higher demand and improved internal ability. Product volume numbers by region were not provided.
Sales in the performance materials segment, which includes standard MDI, TDI, long chain polyols, standard polycarbonate resins and basic chemicals, rose by 4.1pc from the prior year to €1.77mn driven by an increase in volumes sold. Performance materials volumes increased by 8.6pc in the third quarter, led by the EMLA region.
Abu Dhabi's state-owned Adnoc agreed to buy Covestro on 1 October for €62/share. Adnoc published its offer document on 25 October, marking the start of the initial acceptance period that will last until 27 November. There is also the possibility of an additional acceptance period, the company said, which would last through the middle of December.
For 2024, Covestro is forecasting declines in all major regions across industries that drive customer demand, except for the electrical, electronics and household appliances industry in which it expects 4.2pc growth. The company also narrowed full-year sales expectations from €14-15bn to €14-14.5bn.
