Germany's BASF improves on last year. The German chemical group posted a net profit of more than 2.08 billion euros in the first nine months of the year. As the company reported in a press release, the results have shown an improvement of 15%.
The German chemical company's sales, however, have not recovered and have experienced a decline of 6.8% until last September and revenues have also been reduced, with the exception of the chemical area. The chemicals business contributed more than 8,315 million euros, 4.7% more than last year.
In the third quarter, BASF posted a profit of 287 million euros, compared to a loss of 249 million euros in the same period of 2023. The German company has decided to maintain its guidance for 2024 and reported that the company is ‘on track’ to achieve the annual cost savings of €2.1 billion planned for the end of 2026.
By the end of September this year alone, BASF had achieved cost savings of €800 million with associated one-off costs of around €550 million.