Up to 151 Billion RMB! The first quarter report card of the global 50 chemical companies is out! BASF, Dow, Hengli

15thJune, 2021

Recently, the world’s major listed chemical companies have announced the results of the first quarter of 2021; this article collates the financial results of 50 large chemical companies, of which the highest earnings amounted to $23.6 billion (about RMB 151.075 billion)

Europe

BASF’s sales in the first quarter of 2021 increased by €2.6 billion to €19.4 billion (approximately $23.6 billion) compared with the same period last year. Earnings before interest, taxes, depreciation and amortization, excluding special items, rose by €602 million to €3.2 billion.

LyondellBasell Industries reported revenue of $9.082 billion for the first quarter of 2021, compared with $7.494 billion for the same period last year. Net income for the quarter was $1.07 billion, compared to $144 million for the same period last year.

Linde reported revenue of $7.243 billion for the first quarter of 2021, compared with $6.739 billion for the same period last year. Net income for the quarter was $980 million, compared to $573 million for the same period last year.

Air Liquide reported revenue of 5.334 billion Euros ($6.48 billion) in the first quarter, down 0.7% year-over-year.

Evonik’s first quarter 2021 sales increased by 4% year-on-year to €3.36 billion (approximately $4.1 billion). Adjusted EBITDA was €588 million, up 15 percent compared to the same period in 2020. Adjusted net income increased 32 percent to €239 million.

Covestro’s (Covestro) group sales rose 18.8% year-on-year to €3.3 billion (approximately $4 billion) in the first quarter of 2021. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached €743 million, almost three times the €254 million of the same period last year. First-quarter net profit increased to €393 million, compared with €20 million in the same period last year.

Solvay’s net sales for the first quarter of 2021 rose 1.9% year-over-year to €2,373 million ($2.9 billion), boosted by strong demand from the automotive industry. Underlying EBITDA of €583 million was up 10.3% compared to the same period last year. Underlying net income for the first quarter was €240 million, up 1.8% compared to the same period in 2020.

Henkel’s sales in the first quarter were 4,968 million Euros, increase 0.8 percent year-on-year.

Arkema Group (Arkema) reported strong earnings growth in the first quarter of 2021, with sales of €2.23 billion (approximately $2.7 billion), up 12.7% compared to the first quarter of 2020. Earnings before taxes, interest, depreciation and amortization (EBITDA) were up sharply by almost 20% at €358 million, compared to 300 million Euros in the first quarter of 2020. Adjusted net income rose 59% to €159 million.

DSM posted sales of €2,194 million (approximately $2.67 billion) in the first quarter of 2021, compared to €2,045 million in the same period of the previous year. Adjusted EBITDA profit of €441 million compared to €413 million in the previous year.

LANXESS reported sales of €1,693 million (approximately $2.06 billion) in the first quarter of 2021, unchanged from €1,704 million in the prior-year period. Earnings before interest, taxes, depreciation and amortization (EBITDA) in the regular business area amounted to €242 million, unchanged from €245 million in the year-earlier period.

Bayer sales rose by 2.8 percent to €12,328 million in the first quarter. EBITDA, excluding special items, fell by 6.2 percent to 4,118 million Euros. EBIT rose 23.4 percent to 3,083 million Euros. Net income increased by 40.3% to 2,089 million Euros.

Syngenta Group first-quarter results show that benefited from the strong performance of the Chinese market, sales jumped 20% year-on-year to $ 7.1 billion, including China business sales of $ 2.2 billion.

Yara reported revenue of $3.142 billion for the first quarter of 2021, compared to $2.851 billion in the same period last year. Net income for the quarter was $14 million, compared to a net loss of $119 million in the same period of the previous year.

AkzoNobel reported revenue of 2.263 billion Euros (approximately $2.75 billion) in the first quarter of 2021, compared with 2.058 billion Euros in the same period a year earlier. Net profit for the quarter was €217 million, compared with €114 million in the same period a year earlier.

WACKER posted sales of €1.36 billion in the first quarter of 2021, up 14 percent compared with the same period of the previous year. EBITDA rose to €246 million, up 42 percent compared with the same period of the previous year, mainly due to a significant increase in sales volume, while net profit was €107 million.

Johnson Matthey announced its results for the fiscal year ended March 31, 2021. Full year revenue of £15,673 million was up 8% from £14,577 million in the previous year. Operating profit was £323 million, down 17 percent from £388 million the previous year.

Jotun achieved sales of NOK 5,485 million (USD 641.7 million) in the first quarter of fiscal 2021, up 7.9 percent year-on-year; underlying sales increased 17 percent. Operating profit was NOK 1,120 million, up 41.5 percent year-on-year.

North America

Dow’s net sales for the first quarter of 2021 were $11.882 billion, compared with $9.77 billion in the same period last year. Net income for the quarter was $991 million, compared with $239 million in the prior-year period.

DuPont reported net sales of $3.976 billion for the first quarter of 2021, compared with $3.67 billion for the same period last year. Net income for the quarter was $539.4 million, compared with a net loss of $616 million in the prior-year period.

Ecolab reported net sales of $2.885 billion for the first quarter of 2021, compared with $3.021 billion for the same period last year. Net income for the quarter was $194 million, compared with $283 million in the prior-year period.

Air Products & Chemicals reported results for its second fiscal quarter ended March 31, 2021. Quarterly sales were $2,503 million, compared to $2,226 million in the prior-year period. Net income for the quarter was $473 million, compared to $478 million in the prior year period.

International Flavors & Fragrances reported net sales of $2,465 million for the first quarter of 2021, compared with $1,347 million for the same period last year. Net loss for the quarter was $42 million, compared to a net profit of $124 million in the prior-year period.

Eastman Chemical reported sales of $2.409 billion for the first quarter of 2021, compared with $2.241 billion for the same period last year. Net income for the quarter was $274 million, compared with $258 million for the same period last year.

Westlake Chemical reported net sales of $2.357 billion for the first quarter of 2021, compared with $1.932 billion for the same period last year. Net income for the quarter was $242 million, compared with $145 million in the prior-year period.

Huntsman reported revenue of $1.837 billion for the first quarter of 2021, compared with $1.593 billion for the same period last year. Net income for the quarter was $100 million, compared with $708 million in the same period last year.

Celanese reported net sales of $1,798 million for the first quarter of 2021, compared with $1,591 million for the same period last year. Net income for the quarter was $323 million, compared with $1,454 million in the prior-year period.

Corteva reported net sales of $4,178 million for the first quarter of 2021, compared with $3,956 million for the same period last year. Net income for the quarter was $600 million, compared with $272 million in the prior-year period.

Mosaic reported net sales of $2,297 million for the first quarter of 2021, compared with $1,798 million for the same period last year. Net income for the quarter was $157 million, compared with a net loss of $203 million in the prior-year period.

Sherwin-Williams reported net sales of $4.656 billion for the first quarter of 2021, compared with $4.157 billion for the same period last year. Net income for the quarter was $410 million, compared with $322 million for the same period last year.

PPG Industries reported net sales of $3,881 million for the first quarter of 2021, compared with $3,377 million for the same period last year. Net income for the quarter was $378 million, compared with $242 million in the prior-year period.

Axalta’s first quarter 2021 results. Net sales for the quarter were $1.064 billion, compared to $983 million in the prior year quarter. Net income for the quarter was $15.2 million, compared to $52.2 million in the prior year period.

Nutrien’s first quarter 2021 net income attributable to common shareholders of the parent was $133 million and adjusted EBITDA was $806 million; operating income was $20,908 million, up 4.42% year-over-year.

RPM announced financial results for the third quarter of fiscal 2021 ended February 28, 2021, achieving net sales of $4.361 billion (approximately RMB 28.548 billion), an increase of 7.7% year-over-year, and net income of $347 million (approximately RMB 2.271 billion), an increase of 77% year-over-year.

Asia

Saudi Basic Industries Corporation (SABIC) reported revenues of SAR 32,847 million (about $10 billion) for the first quarter of 2021, up 24% from a year earlier; net profit for the quarter was SAR 4.86 billion, compared with a net loss of SAR 1.05 billion a year earlier.

LG Chem posted sales of 965.0 billion won (approximately $8.64 billion) in the first quarter of 2021, up 43.4% compared to the same period last year. Operating profit was 140.81 billion won, up 584.0% year-on-year, surpassing 1 trillion won for the first time since the company was founded.

Hengli Petrochemicals achieved operating revenue of 53.231 billion Yuan (approximately US$8.32 billion) in the first quarter of 2021, an increase of 78.80% year-on-year, and net profit attributable to shareholders of the listed company of 4.111 billion Yuan, an increase of 91.81% year-on-year.

Rongsheng Petrochemical disclosed its quarterly report for 2021, showing total revenue of 34.58 billion Yuan (about $5.4 billion), up 64.3% year-on-year, and a net profit attributable to the mother company of $2.62 billion, up 113.9% year-on-year.

Wanhua Chemical disclosed its quarterly report for 2021, showing revenue of 31.312 billion Yuan (about $4.9 billion), up 104.08% year-on-year, and net profit of 6.621 billion Yuan, up 380.82% year-on-year.

Hengyi Petrochemical disclosed its first quarterly report for 2021, showing that it achieved operating revenue of 30.845 billion Yuan (approximately $4.8 billion), up 63.44% year-on-year, and net profit attributable to shareholders of the listed company was 1.213 billion Yuan, up 48.71% year-on-year.

CMTC released its quarterly results for 2021, showing operating revenue of 22.209 billion Yuan (approximately $3.47 billion), up 40.25% year-over-year, and net profit attributable to the mother company of 732 million Yuan, up 2,521.6% year-over-year.

Shenghong released its first quarterly report for 2021, showing that it achieved operating revenue of 6.465 billion Yuan in the first quarter of 2021, up 52.77% year-on-year; net profit attributable to shareholders of the listed company was 601 million Yuan, up 205.29% year-on-year.

Lotte Chemical announced operating results for the first quarter of 2021, with sales of KRW 416.83 billion (approximately US$3.73 billion), an increase of 29.5% compared to the same period last year. Operating profit was KRW 623.8 billion, an increase of 188.5% compared to the same period last year.

Mitsubishi Chemical Holdings announced fiscal year results (April 2020 – March 2021). Revenues for the fiscal year were 325.75 billion Yen (approximately $29.7 billion), down 9% from 3,580.5 billion Yen in the previous fiscal year. Operating profit for the fiscal year was 47,518 million Yen, a decrease of 67.1% from 144,285 million Yen in the previous fiscal year. Net loss for the fiscal year was 7,557 million Yen, compared with a net profit of 54,077 million Yen in the previous fiscal year.

Sumitomo Chemical announced fiscal year results (April 2020 – March 2021). Revenues for the fiscal year were 228.70 billion Yen (approximately $20.6 billion), compared with 2,225.8 billion Yen in the previous fiscal year. Operating profit for the fiscal year was 137,115 million Yen, compared with 137,517 million Yen in the previous fiscal year. Net income for the fiscal year 46,043 million Yen, compared with 30,926 million Yen in the previous fiscal year.

Asahi Kasei announces fiscal year results (April 2020 – March 2021). Net sales for the fiscal year were 210.6 billion Yen (approximately $19.2 billion), compared with 215.16 billion Yen in the previous fiscal year. Operating income for the fiscal year was 171.8 billion Yen, compared with 177.3 billion Yen in the previous fiscal year. Fiscal year net income of 79.768 billion Yen, compared with 103.931 billion Yen in the previous fiscal year.

Japan’s Toray announced consolidated financial data for fiscal 2020 (ending March 2021), showing a 46% year-on-year decrease in net income to 45.8 billion Yen and a 10% year-on-year decrease in sales to 1.8836 trillion Yen (about $17.2 billion).

Shin-Etsu Chemical Industry announced fiscal year results (April 2020 – March 2021). Net sales for the fiscal year were 149.69 billion Yen (approximately US$13.7 billion), compared with 154.35 billion Yen in the previous fiscal year. Operating income for the fiscal year was 392.2 billion Yen, compared with 406 billion Yen in the previous fiscal year. Fiscal year net income of 293.7 billion Yen, compared with 314 billion Yen in the previous fiscal year.

NIPPON PAINT HOLDINGS CO., LTD announced its first quarter 2021 results. Quarterly revenue was 231.4 billion Yen (approximately $2.11 billion), compared to 162.9 billion Yen in the same period last year. Operating profit for the quarter was 26.3 billion Yen, compared with 15.2 billion Yen in the same period last year. Net income for the quarter was 17.7 billion Yen, compared with 7.5 billion Yen in the same period last year.

Kansai Paint’s fiscal year 2021 (April 1, 2020 to March 31, 2021) results show that the company achieved full fiscal year sales of 364.6 billion Yen, down 10.4% year-over-year; operating profit of 31.2 billion Yen, down 0.9% year-over-year; and net income attributable to the parent company of 20 billion Yen, up 8.4% year-over-year.