MOSCOW (MRC) -- Westlake Corporation’s 4Q net income rose more than fivefold year on year on the back of stronger sales prices and higher margins across most of its businesses, said the company.
Profitability during the quarter was driven by an over sevenfold increase in net income for Westlake’s performance and essential materials business year on year, rising to USD821m due to higher pricing and the impact of hurricane outages in Louisiana during the same period in 2020.
Housing and infrastructure products division 4Q net income rose USD21m year on year to USD86m on the back of healthy housing and remodelling demand.
Westlake Chemical Partners – a limited partnership formed by Westlake Chemical to operate and acquire ethylene production facilities and related assets – recorded net income of USD29.5m during the quarter compared to $15m during the same period a year earlier.
"Market conditions continue to look favourable in 2022," said Westlake CEO Albert Chao. "As the market leader in Performance and Essential Materials including PVC, polyethylene, epoxy, chlorine and caustic soda, we are well positioned to continue to provide value to our customers and investors. The outlook also remains favourable in our Housing and Infrastructure Products with strong market indicators in 2022," he added.
We remind, Westlake Chemical Corp will officially change its name to Westlake Corp, effective 18 February. The new name would reflect the company’s more diversified business portfolio stemming from recent acquisitions and organic and strategic growth, it said. Westlake recently concluded four key acquisitions valued at about USD3.8bn.
Also, Westlake Corporation announced its target to reduce Scope 1 and Scope 2 CO2 equivalent emissions per ton of production by 20% by 2030 from a 2016 baseline.To further reduce its carbon footprint, Westlake’s strategy is to optimally allocate capital to both proven and emerging technologies, including additional product and operational innovations. This strategy includes energy-efficiency projects, increasing power from less carbon-intensive electricity providers, adding more hydrogen as a fuel gas, and other continuous operational improvements.
Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North America, we provide the building blocks for vital solutions — from housing and construction, to packaging and healthcare, to automotive and consumer.