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Gestamp improves its profit by 39% to 162 million and registers a record semester

Date: June 15, 2024 Time: 16:28:52

Gestamp, the manufacturer of car components, obtained 39% more profit in the first half of 2023 compared to the same period of the previous year. It posted record profits with 162 million thanks to its organic growth, strategic projects and collaboration with Gescrap.

As reported on Tuesday by Gestamp to the National Securities Market Commission (CNMV) -and reported by Efe-, its revenues also reached a record figure of 6,273 million, which will grow after 29%, driven by the good behavior registered in the first quarter of the year, which allows the company to widely exceed the market average.

The company’s growth has not been affected by the increase in financial costs as a result of negative exchange differences, the increase in interest rates and extraordinary costs derived from the recent refinancing carried out.

“The results of the first semester have the trend of 2022, reaching record figures that are the result of our geographic diversification strategy, developing highly innovative solutions for our clients and positioning ourselves to lead the electrification of mobility that will mark the future of the automotive sector”, explained the executive president of Gestamp, Francisco J. Riberas.

Europe leads the market

By markets, it improved its income in all those in which it operates, led by Western Europe, where it obtained income of 2,492 million, 21.1% more; ahead of North America, with a turnover of 1,206 million after growing by 13.7%; and Asia, with 883 million revenues and a growth of 31.6%.

In Eastern Europe, Gestamp added a turnover of 868 million with an increase of 23.4%, while in South America it improved by 25.3%, with a turnover of 473 million. For its part, the recently acquired Gescrap contributed revenue of 351 million.

The gross operating result (ebitda), also record, reached 700 million, 26.3% more than a year ago. In the first semester, it allocated 6.8% of its income, a total of 425 million, to investments, most of which were focused on its strategy to promote the transition to electric vehicles. Net debt stood at 2,224 million at the end of the quarter, 76 million less than in the first half of 2022.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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