24 September 2012 10:20 [Source: ICIS news]
LONDON (ICIS)--NOVA Chemicals is the ICIS Company of the Year, ICIS Chemical Business (ICB) magazine reveals in its latest edition, published on Monday.
Canada-based NOVA scored the most points in the ICIS annual analysis of chemical company performance in 2011 based on the broad set of data collected for the ICIS Top 100 Chemical Companies listing.
The analysis and the Company of the Year award are based on financial metrics for the leading chemical companies in their most recent financial year which is usually calendar 2011.
In 2011, NOVA was a strong performer in a good year overall for the sector. It began to capitalise on an expanding feedstock advantage at its plants and its refinery in Canada.
It posted record net profits of $615m (€474m) versus $263m in 2010 on 15% higher sales of $5.2bn. Strong performance continued into the first half of 2012 when it generated net income of $380m, nearly matching the record profit of $388m for the first half of 2011.
“NOVA’s advantaged feedstock strategy has driven its strong results and further moves to lock up ethane supplies in 2012 bode well for future performance. We congratulate CEO Randy Woelfel and the NOVA Chemicals staff for the company’s success,” ICB editor Joseph Chang said.
“It’s great to see the kind of performance we’ve been able to achieve at NOVA,” said CEO Randy Woelfel.
“This performance and commitment to financial integrity, as well as the support of IPIC and our Chairman, His Excellency Khadem Al Qubaisi, positions us well to move forward with our ambitious growth plans based on a solid balance sheet, and strong liquidity and clearly defined actions,” he added.
NOVA Chemicals is owned by IPIC, Abu Dhabi’s International Petroleum Investment Company.
The ICIS Company of the Year award is explained further in the 26 September issue of ICB which also includes an interview with Randy Woelfel.
($1 = €0.77)
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