German chemical giant Bayer has reported a fourfold increase in net profit in 2022, partly due to higher prices and strong demand for glyphosate-based weedkillers.Net profit rose to €4.15 billion, up from €1 billion a year earlier, the group said. Sales jumped 8.7% to €50.7 billion.
The results were boosted by record sales in the agricultural products division, which grew by more than 15% year-on-year to €25 billion.
Bayer said the performance was driven in particular by higher herbicide prices in all regions at a time when glyphosate-based products were in limited supply.
Bayer Group sales are forecast to grow by 2-3% this year as the company prepares to reduce the prices of herbicides and some pharmaceutical products.