NEW YORK and LONDON, September 24, 2012 /PRNewswire/ --
ICIS Chemical Business magazine is pleased to announce that NOVA Chemicals has been named the ICIS Company of the Year.
"Congratulations to NOVA Chemicals for an outstanding financial performance in 2011 and continuing success through the first half of 2012," said Joseph Chang, Global Editor of ICIS Chemical Business.
"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," he added.
Canada-based NOVA Chemicals is owned by Abu Dhabi's International Petroleum Investment Company (IPIC).
In 2011, NOVA posted record net profits of $615m, versus $263m in 2010, on 15% higher sales of $5.2bn. In the first half of 2012 it generated net income of $380m, nearly matching the record profit of $388m for the first half of 2011.
"It's great to see the kind of performance we've been able to achieve at NOVA," said Woelfel.
"This performance and commitment to financial integrity, as well as the support of IPIC and our Chairman, His Excellency Khadem Al Qubaisi, position us well to move forward with our ambitious growth plans based on a solid balance sheet, strong liquidity and clearly defined actions," he added.
NOVA scored the most points in the ICIS annual analysis of chemical company performance in 2011, noted Nigel Davis, ICIS Insight Editor.
"The company scored highly in terms of the returns it generated in 2011 at the operating and net level. It also made impressive year-on-year gains in a wide number of ratios and metrics used to perform the analysis. Profit margins to sales and assets improved markedly, while debt was paid down," said Davis.
The ICIS Company of the Year winner was selected on the analysis of the ICIS Top 100 Chemical Companies, a global ranking based in US dollars, sponsored by global specialty chemicals distributor DKSH.
See the ICIS Company of the Year article in ICIS Chemical Business at: http://www.icis.com/Top100Chem
See the ICIS interview with NOVA CEO Randy Woelfel at: http://www.icis.com/Top100Chem
A PDF of the ICIS Top 100 Chemical Companies is available for download at: http://www.icis.com/Top100Chem
NOVA Chemicals develops and manufactures chemicals, plastic resins and end-products that make everyday life safer, healthier and easier. Our employees work to ensure health, safety, security and environmental stewardship through our commitment to sustainability and Responsible Care®. NOVA Chemicals is a wholly owned subsidiary of International Petroleum Investment Company ("IPIC") of the Emirate of Abu Dhabi, United Arab Emirates.
ICIS Chemical Business
ICIS Chemical Business is the leading global weekly magazine focusing on commodity chemical and polymer markets. Learn more at http://www.icis.com/about/icis-chemical-business-magazine
ICIS is the trusted information provider for the chemical and energy industries. ICIS aims to help companies in global commodity markets improve their revenues and profits by providing high quality, timely, commercially useful information, business leads and brand positioning across the globe. To find out more, visit http://www.icis.com
Reed Business Information
ICIS is part of Reed Business Information, http://www.reedbusiness.co.uk/ (RBI), a division of Reed Business and a member of Reed Elsevier plc (525), (UK:REL) (US:RUK) (NL:45443) the world's leading publisher and information provider. RBI publishes more than 100 market-leading publications, directories and online services, and organises many industry conferences and awards. The RBI portfolio includes Bankers Almanac, Farmers Weekly, Flight International, ICIS, Kellysearch, New Scientist, Personnel Today and XpertHR. For a full listing, visit http://www.reedbusiness.co.uk
DKSH is a leading specialty chemicals distributor and global provider of Market Expansion Services for performance materials, doing business in and with Asia for nearly 150 years. As an independent solution provider, DKSH sources, develops, markets and distributes a wide range of specialty chemicals and food ingredients to business partners in the specialty chemicals, food and beverage, pharmaceutical, and personal care industries. DKSH Business Unit Performance Materials is present in 24 countries and has in-depth local knowledge spanning Asia, Europe and North America.
For media inquiries, contact:
ICIS Chemical Business
NOVA Chemicals media contact