MOSCOW (MRC) -- Clariant expects strong growth in local currency in 2022, particularly in the first half, the Swiss speciality chemicals group said as it released 2021 results delayed by whistleblower allegations that staff manipulated accounts, said Reuters.
High uncertainty amid geopolitical conflicts, suspension of business in Russia and the resurgence of COVID-19 in China were expected to impact economic growth and consumer demand in the second half, it said on Thursday.
“Clariant expects the high inflationary environment with regard to raw material, energy and logistic cost as well as supply chain challenges to persist in the second half of 2022,” it added. Clariant aimed to improve its 2022 year-on-year EBITDA margin levels via volume growth, cost discipline, and pricing.
It confirmed its 2025 ambition to deliver a 4–6% compounded annual sales growth rate and an EBITDA margin of 19–21%. It proposed a regular distribution of 0.40 Swiss franc per share to be made by reducing the par value of shares.
Clariant last month concluded its probe of allegations that some staff manipulated accounts in 2020 and 2021 to help meet financial targets, finding no impact on sales and cash previously reported.
We remind, Clariant (CLN.S) and its main shareholder Saudi Basic Industries Corp (2010.SE) are to end a so-called "governance agreement" defining their relationship, stirring speculation SABIC could launch a full takeover bid for the Swiss chemicals firm.
We remind that in October 2020, Clariant announced the construction of a new state-of-the-art catalyst production site in China. This project represents a significant investment which further strengthens Clariant’s position in China and enhances its ability to support its customers in the country’s thriving petrochemicals industry.
Clariant AG is a Swiss chemical company and a world leader in the production of specialty chemicals for the textile, printing, mining and metallurgical industries. It is engaged in processing crude oil products in pigments, plastics and paints.