Covestro Receives ‘Company of the Year’ Award
Originally published by the following source: SprayFoam.com — October 3, 2017
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Covestro has been named the ICIS Company of the Year, based on its 2016 business and financial metrics.
The accolade is awarded by weekly global publication ICIS Chemical Business, which is part of ICIS, the world’s largest petrochemical market information provider.
The ICIS Company of the Year analysis is based on year-on-year growth in sales, profits and margins for the leading global chemical producers, also taking into account the absolute level of returns at the operating and at the net level relative to sales and total assets.
“We congratulate Covestro for a stellar financial performance in its first full year as a public company in 2016 where adjusted earnings before interest and tax (EBITDA) rose 41,9% year on year and the stock price more than doubled even amid concerns about potential overcapacity in polyurethane intermediates,” said Joseph Chang, Global Editor of ICIS Chemical Business.
“The company performed particularly strongly in its debut year and the gains made in profits and returns ensured that it topped the detailed ICIS analysis of financial metrics collected for the ICIS Top 100 Chemical Companies listing,” said Nigel Davis, ICIS Insight Editor.
In 2016, Covestro’s net income jumped 132% to 795 million Euro despite a 1.5% decline in sales to 11.9 billion Euro. It registered core volume growth of 7.5% amid a challenging pricing environment.
“It goes without saying we are honored to be awarded Company of the Year by ICIS, which is at the same time a huge compliment to all Covestro employees worldwide,” says Patrick Thomas, Covestro CEO. “The first six months of 2017 were very positive for Covestro and underscore our strong position in our customers’ industries across key regions. Our performance is underpinned by the consistently strong demand for our products leading to ten consecutive quarters of EBITDA growth as of June 30, 2017. We will continue to be committed to generating value for our shareholders by further focusing on R&D and innovation.”
The ICIS Company of the Year is the 3rd part in the ICIS Top 100 Chemical Companies series, which comprises the Top 100 listing as Part 1 published in the September 1 issue, and the Regional Leaders as Part 2 published in the September 8 issue of ICIS Chemical Business magazine.