BERLIN, GERMANY – German chemicals giant Bayer on Tuesday reported a more than six-fold increase in third-quarter profits due to a strong performance from its agrochemicals division.
Net profit in the July-to-September period was US$544 million (546 million euros), slightly above forecasts.
Bayer reported $84.9 million (85 million euros) in profit in the third quarter of 2021, when its results were hit by legal battles related to glyphosate.
The substance has been deemed a “probable” carcinogen by the International Agency for Research on Cancer.
In its latest results, the maker of Aspirin saw its operating profit jump more than 126 percent on-year, with earnings before interest and tax reaching $1.19 billion.
Sales rose by 5.7 percent, to over $11.18 billion.
“Despite rising inflation and global supply chain problems, we were again able to boost sales and earnings,” said Bayer CEO Werner Baumann.
The results were boosted by the agrochemicals division, which saw its sales rise 8.4 percent to $4.59 billion.
Herbicide sales surged 44.9 percent due to price increases in “a positive market environment”, Bayer said.
The company however warned of risks ahead due to rising costs as inflation surges and disruptions to supply chains.
