LUDWIGSHAFEN, Germany: German chemicals giant BASF said it met its 2014 earnings targets but the outlook for 2015 was uncertain in view of volatile oil prices and currency developments.
“We achieved our goal for 2014: we increased earnings, despite the disappointing economic development in Europe,” CEO Kurt Bock told the group’s annual earnings news conference.
“We grew profitably. We further strengthened our chemicals business and in turn improved our margins,” Bock said.
BASF said its net profit grew by 7.6 percent to 5.155 billion euros ($5.8 billion) in 2014.
Underlying or operating profit was up 6.5 percent at 7.626 billion euros while sales edged up 0.5 percent to 74.326 billion euros.
BASF said it planned to increase its dividend to shareholders to 2.80 euros per share for 2014 from 2.70 euros a year earlier.
Turning to the current year, BASF CEO Bock said the outlook for 2015 was “subject to significant uncertainty. Oil and raw material prices are volatile, as are currencies; the emerging markets are growing more slowly; and the global economy is being dampened by geopolitical conflict.”
“The global economy will continue to face substantial risks. In this volatile and challenging environment, we want to perform well and increase sales slightly in 2015,” Bock said.
Underlying profit before extraordinary items would “likely match the previous year’s level,” he said.
BASF meets targets but sees ‘uncertain’ year in 2015
BASF meets targets but sees ‘uncertain’ year in 2015
IsDB announces $2.41bn in new financing for strategic development sectors
JEDDAH: The Islamic Development Bank has approved $2.41 billion in new financing for a series of transformative projects during its 364th Executive Board meeting, chaired by IsDB President Mohammed Al-Jasser.
The approvals underscore the bank’s ongoing commitment to regional cooperation, economic development, and climate- and environment-friendly investments that advance the UN Sustainable Development Goals across its member countries.
The new financing includes an additional $40 million for the Central Asia–South Asia Electricity Transmission and Trade Project (CASA-1000) in Tajikistan, aimed at boosting regional energy trade, improving electricity access and reliability, and mitigating climate change through the export of clean and renewable energy.
The bank also approved €116 million ($135 million) to upgrade Senegal’s Dakar Expressway Project.
The initiative is designed to improve health, education, and economic services for local populations, reduce traffic congestion and peak travel times, and enhance road safety measures to halve traffic-related deaths and injuries, with a particular focus on women and young pedestrians.
A $1.307 billion allocation was approved for Kazakhstan’s Economic and Industrial Zones Project to foster sustainable industrial development.
The initiative is expected to promote economic diversification, attract investment, create jobs, and boost global competitiveness through infrastructure upgrades and operational efficiency in special economic zones, industrial zones, and specialized industrial zones.
Bahrain will receive $330.07 million to expand its industrial capacity and strengthen economic competitiveness. The funding will support the development of modern industrial land with resilient infrastructure, advanced export-oriented manufacturing, effective internal connectivity, and reclaimed land facilities.
The project aims to stimulate private investment, generate employment, and reinforce Bahrain’s position as a regional industrial and logistics hub.
The IsDB approved $160 million to enhance utilities, water, and urban development sectors in Jordan.
The financing will secure future drinking water supply for Aqaba, Amman, and northern regions, support climate adaptation and mitigation, foster economic growth, and promote private sector participation in sustainable, long-term water solutions to alleviate severe water stress.
Azerbaijan was granted $436.67 million to improve agricultural productivity by reducing irrigation water losses and supporting sustainable rural development, in line with Azerbaijan’s 2030 vision.
The project will also promote green growth, strengthen climate resilience, and ensure long-term food security.
The approved projects reflect the IsDB’s strategic focus on fostering sustainable and inclusive growth across member countries by addressing critical infrastructure, energy, water, transport, and industrial development challenges.
These initiatives are expected to deliver lasting impact and contribute effectively to achieving the Sustainable Development Goals.
