LUDWIGSHAFEN, Germany – Chemicals company BASF said on Tuesday that its fourth-quarter net profit more than doubled due in part to higher sales volumes across most of its units and higher prices for its chemical products, according to a report from Dow Jones.
Net profit for the quarter was 1.54 billion euros ($1.90 billion) up from 689 million euros a year earlier, while sales rose 8 percent to 16.10 billion euros, BASF said.
Earnings before interest and taxes (EBIT) before special items was 1.86 billion euros, up from 1.20 billion euros a year earlier.
BASF attributed the rise to higher sales volumes across all its business lines except oil and gas, as well as higher earnings from its chemicals, agricultural and oil-and-gas businesses, which offset lower earnings from its functional-materials and performance-products segments.
The company said it expected slight sales growth and slight growth in EBIT before special items for 2018, the Dow Jones report added.
BASF said it would propose a dividend of 3.10 euros up from 3.00 euros a share for 2016.