Evonik ‘on target’ after the first half of 2017

Chemicals company Evonik says that sales grew to €7.3 billion in the first six months of 2017, a rise of 15% compared with the first half of 2016.

The company said that this was partly due to the first-time consolidation of the specialty additives business of the US company Air Products as well as a rise in demand and slightly higher selling prices.  Adjusted net income increased 10% to €549 million, while adjusted earnings per share improved to €1.18. Net income fell 3% to €394 million, principally as a result of one-time expenses in connection with the acquisition of the Air Products business. Performance Materials sales grew 18% to €1.89 billion in the first six months, and adjusted EBITDA almost doubled to €328 million. Evonik confirmed its forecast to increase both sales and operating profit for the full year 2017 and said that adjusted EBITDA is still expected to grow to between €2.2 billion and €2.4 billion (2016: €2.165 billion). 

Our business development is on target,’ said Christian Kullmann, chairman of the executive board. ‘Moreover, we are reaping the first benefits of the biggest acquisition in our history.’ 

This story is reprinted from material from Evonikwith editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.