Volume growth countered the average price drop in the second quarter. Talks with Adnoc are still ongoing. Despite decreasing profitability, the German chemical company Covestro showed resiliency in the second quarter of 2024. Sales between April and June totaled 3.7 billion euros, almost exactly the same as in 2023, as lower average prices were offset by higher volumes. Electric vehicle batteries
Pricing trends caused the EBITDA to drop by over 17% to 320 million euros, resulting in a net loss of 72 million euros as opposed to a profit of 46 million euros during the same time previous year.Sales fell 3.5% to 7.2 billion euros in the first half of the year, while EBITDA dropped 11.6% to 593 million euros.
As for ongoing projects, Covestro hopes to reduce expenses by 400 million euros a year by 2028 through the Strong program, which was introduced in June. Of those, roughly half (190 million) would be incurred in Germany alone.Additionally, talks are still ongoing with Adnoc about a possible 62 euro per share investment in the company.
