Lanxess reports net income of euro 74 million for Q3 CY2021

by Autocar Pro News Desk , 08 Nov 2021

German specialty chemicals company Lanxess has reported a net income of euro 74 million for Q3 CY2021 (Q3 CY2022: euro 26 million), a growth of 26 percent albeit low base, which it says is despite a challenging environment – a sharp rise in raw material, energy and freight costs.

The revenue for the period came at euro 1.95 billion (33.5% YoY). The company says the strong earnings were driven by all segments – especially Specialty Additives and Engineering Materials. It managed to pass on the significantly increased raw material prices via higher selling prices. The three acquisitions completed in this fiscal year, especially that of Emerald Kalama Chemical, also contributed to the good results.

Matthias Zachert, chairman of the Board of Management, Lanxess said: “The third quarter of this year was again characterised by growth. Our operating business continued to develop positively, and we successfully passed on the significantly increased raw material costs. With the announced acquisition of IFF Microbial Control, we will also be significantly expanding our Consumer Protection segment again in the future. This will make us more stable and more profitable.However, the unprecedented increase in energy, raw material and freight costs is not leaving us unscathed. We expect the cost pressure to even increase in the fourth quarter.”

magazine image

Latest Auto industry updates and news articles