BASF posts 33% revenue growth but warns more price rises are coming
Performance materials and chemicals group BASF has reported full-year revenues for 2021 of €78.6 billion, an increase of 33% year on year.
Its materials business unit brought in revenues of just over €4 billion, up by 32% compared to the previous year.
“It was a strong and successful year for BASF,” said Dr Martin Brudermüller, chairman of the group’s executive board. He explained that BASF had increased the volume of the products it had sold by 11% in 2021, but also that sales prices had increased by 25%.
He warned that, in the course of 2021 and particularly in the fourth quarter, the price of raw materials, energy and logistics had all gone up, adding that the increase in natural gas prices alone had cost BASF around €1.5 billion.
Dr Brudermüller announced: “We will implement further substantial price increases in the coming months to pass on the significantly higher costs and improve our margins in the downstream businesses.”
