Feb 17 2011 |
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Dow sales rise 22%?in quarter?to $13.8b
Thursday, Feb 17, 2011
Gulf News
Dubai The Dow Chemical Company , a leading science and technology firm, achieved sales of $13.8 billion (Dh50.68 billion) in the fourth quarter of 2010, a 22 per cent increase compared with the same period of 2009 excluding the impact of divestitures.
For the full year 2010, Dow reported sales of $53.7 billion. Excluding divestitures, sales rose 26 per cent during 2010 versus the prior year, with double-digit gains in all operating segments except health and agricultural sciences, which rose 7 per cent.
Sales in the emerging geographies surpassed $16 billion in the year, setting an all-time record for the company.
At a company level, quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) rose 30 per cent to $1.9 billion, representing the highest fourth-quarter EBITDA since 2007 and year-over-year EBITDA margin expansion for seven consecutive quarters.
Improving climate
Commenting on the company’s outlook, Dow chairman and chief executive Andrew N. Liveris said in a statement: “Dow is well-positioned for the improving economic climate and will continue to benefit from growth in high-margin sectors, such as electronics and packaging, driven by innovative products and technologies, coupled with our expanding presence in emerging markets.
“Looking ahead, we expect growth will continue, driven by a broad range of leading end-markets in emerging geographies such as China, India, Eastern Europe and Brazil.
“Signs of improvement in industrial and B2B markets in North America and Europe give us optimism that we will see continued growth in these developed markets.
“Overall, the world continues to recover to pre-recession levels. However, with inflation concerns in emerging geographies, lingering unemployment issues in the United States and sovereign debt issues in Europe, we remain prepared for a reversal in momentum.”
Dow and Saudi Aramco last year announced the move of a proposed joint venture project from Ras Tanura to Jubail in the Eastern Province of Saudi Arabia. An investment decision is expected mid-year 2011.
chemicals
Staff Report
© Gulf News 2011. All rights reserved.
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