Frankfurt, April 27, (dpa/GNA) – Germany’s BASF, the world’s largest chemicals company, confirmed its annual targets on Thursday, despite a weak start to the year.
Group sales in the first quarter amounted to €20 billion ($22 billion), a 13% decline compared with the prior-year quarter, BASF said, confirming preliminary figures released two weeks ago.
BASF blamed lower volumes in almost all segments due to weaker demand.
But for the current year BASF management is still aiming for sales in the range of €84 billion to €87 billion, which in the best case would be as much as last year.
“BASF started off 2023 better than analysts had expected – and in a stagnating and difficult economic environment,” said Martin Brudermüller, chairman of the board of executive directors of BASF SE.
In terms of operating profit, the company is aiming for between €4.8 billion and €5.4 billion this year.
GNA