Aug 3 (Reuters) – German potash and salt miner K+S on Tuesday raised its 2021 core profit outlook for the second time this year, citing higher average prices in the agriculture customer segment and a strong industry business.
The group, which makes potash fertilisers and salts for cooking, animal feed and de-icing roads, now expects to report full-year earnings before interest, tax, depreciation and amortisation (EBITDA) of 700-800 million euros ($832-951 million).
The company, which produces about 11% of the world’s potash, an essential nutrient for crops, had already in May raised the guidance to 500-600 million euros, saying there was good global demand for the mineral.
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In July, it reported better than expected preliminary second-quarter core profit, which more than doubled year on year.
The group said the closing of the REKS joint venture, which will add a one-off gain of around 200 million euros to the 2021 profit guidance, is now expected in the fourth quarter after completion of a review by antitrust authorities.
K+S shares were 2.3% higher by 1030 GMT, topping the German mid-cap index.
The company is due to report full second-quarter results on Aug. 12.
