Clariant's sales decreased by 5% in local currencies for the full year of 2020, as demand in several sectors was affected by the Covid-19 pandemic.
according to Arabnet in a company statement that net profit rose to 799 million Swiss francs ($ 898 million) from 38 million francs ($ 42.7 million) in 2019. , An increase of 2002%, as Clariant has benefited from sector exit and no longer faces allocations to a European investigation into anti-competition practices.
SABIC owns 31.5% of Clariant, the Swiss specialty chemicals company.
Sales from the three sectors not sold by the company fell to 3.86 billion francs from 4.4 billion francs. The average forecast in a survey published by the company was 3.82 billion francs.
and decreased operating profit for the full year as a percentage of sales excluding divestments to 16% from 16.8%.
Clariant pointed to an unprecedented weak environment that included the Covid-19 pandemic, excess oil supplies and currency adverse volatility as a factor that led to the decline of its results, and said that the pandemic will continue Impact on activity until at least the first quarter of 2021.
The results accompany major changes at Clariant, in which a new CEO, Konrad Keizer, took over late last year
and Clariant is in the midst of canceling hundreds of jobs, as part of a program to cut costs and reach the right size while the company shrinks its focus. The company proposes a one-off dividend of 0.70 francs per share.
