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Adds outlook, share buyback programme
March 14 (Reuters) – German potash and salt miner K+S SDFGn.DE said on Tuesday its annual core profit more than doubled in 2022, beating market expectations and sending its shares up 3.6%.
K+S said a day ahead of the scheduled publication of its annual report that its 2022 earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 150% to 2.42 billion euros ($2.59 billion). This came above analysts’ estimate of 2.40 billion euros in a Vara Research consensus.
The group forecast 2023 EBITDA in a range of 1.3 billion to 1.5 billion euros, with a midpoint implying a 42% fall in profitability compared to last year.
The outlook echoed German chemical association VCI that last week said it saw further decline in the country’s chemical industry in 2023, weighed down by high inflation, weak global economy, energy crisis in Europe and Germany’s regulatory problems.
The company also said it would propose a dividend of 1 euro per share for 2022 and planned to buy back up to 200 million euros worth of its own shares following its annual shareholders’ meeting in May. The programme was set to run until February 2024 at the latest, it said.
($1 = 0.9341 euros)
(Reporting by Tristan Chabba and Antonis Pothitos in Gdansk; Editing by Milla Nissi)
((Tristan.Chabba@thomsonreuters.com;))
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