CEO Martin Brudermuller said the company had had a strong start to 2021.
This was especially true in the company's materials business, where sales rose by 19.9% and reached EUR3.4bn in the first quarter. This compares with EUR2.9bn in the equivalent period in 2020.
EBIT in the division of EUR 648m in the first quarter of 2021 compares with EUR 119m in the equivalent period in 2020. The company explained: 'This was mainly driven by a significantly higher earnings contribution from the monomers division due to improved isocyanate margins on the back of higher prices.'
Looking towards the rest of the year, BASF has upgraded its growth forecasts. It now expects sales to grow between EUR68bn and EUR71bn ,and EBIT before special items to be between EUR5bn and EUR5.8bn.
However, the company warned that there is a high level of uncertainty in the market.