ICIS Chemical Business magazine announced 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.
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 DKSH.