Touted to be one of the world’s leading manufacturers of high-quality polymer materials and their components, Covestro Group has recorded a sales increase of 18.9% when compared with the prior-year quarter. In the previous quarter, the group reported sales figures close to 4 billion euros (Rs 32,000 crore) whereas in this quarter the group has reported sales close to 4.7 billion euros (Rs 38,000 crore).
Markus Steilemann, CEO of Covestro said that “We can look back at what was overall a solid second quarter, and we even slightly surpassed our EBITDA forecast. Nevertheless, we are looking ahead to an increasingly challenging second half of the year. The current geopolitical situation shows us all too clearly that there is no alternative to the transformation toward a sustainable, fossil-free industry landscape.”
The Group sales in the first half of 2022 increased by 29.2% due to a higher selling price level, exchange rate movements and the portfolio change arising from the acquisition of the Resins & Functional Materials (RFM) business from DSM.