By Cecilia Butini

BASF SE on Friday backed its outlook for 2022 and confirmed preliminary results it had previously given, including a 1.1 billion-euro ($1.15 billion) profit drag from an impairment at its subsidiary Wintershall Dea.

The German chemicals company confirmed net profit of EUR1.22 billion, down from EUR1.72 billion the year prior, on sales that grew to EUR23.08 billion from EUR19.40 billion the year prior, driven by higher prices.

It also confirmed earnings before interest and taxes before special items of EUR2.81 billion, as reported during preliminary results, which rose from EUR2.32 billion the year prior.

It said it would propose a dividend of EUR3.40 a share for 2021. If approved at a shareholders' meeting on Friday, the payout would be around EUR3.1 billion and would happen on May 4, the company said.

BASF backed its outlook for 2022, saying it continues to expect sales of between EUR74 billion and EUR77 billion, and EBIT before special items of EUR6.6 billion and EUR7.2 billion.

It added that risks may arise from further increases in raw-materials prices and sanctions against Russia, while opportunity might come from continued high margins.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

April 29, 2022 01:42 ET (05:42 GMT)

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