Start About NIBE News [2020-05-29]  A stable start to the year – relatively modest impact from COVID-19

 A stable start to the year –
relatively modest impact from COVID-19

  •  Sales rose by 10.1% to SEK 6,345 million (SEK 5,763 million)

  • Profit after net financial items increased by 7.9% to SEK 574 million (SEK 532 million)

  • Earnings per share amounted to SEK 0.84 (SEK 0.82)

  • Acquisition of Serbian TIKI Group, Turkish Üntes, Dutch Nathan, German Waterkotte and Swedish VEÅ (after end of period)¨

“Demand has varied between different market segments where those with clear sustainability characteristics, such as heat pumps, continued to perform well,” said Gerteric Lindquist, CEO of NIBE. “It is also gratifying that demand in the semiconductor industry has shown good growth. The domestic appliance sector has remained largely unchanged, while the traditional automotive industry as well as the oil and gas industry have seen weaker growth. Similarly, market segments with a durable goods profile, such as stoves, have seen weaker demand. Although COVID-19 hit the whole world with full force by the end of the quarter, the Group’s sales and profit have only been affected by this to a relatively modest extent so far.”

"With our company philosophy and our strong product range, we are well positioned in a market that is increasingly feeling the influences of the transition to a more sustainable and digitalised society. The completed acquisitions as well as our focus on product development should further strengthen our position. Our internal work on efficiency along with our rigorous cost control also continue with unchanged intensity. Although the external situation is extremely difficult to assess, our view is that our business remains robust, thanks to our geographical spread, stable profitability and good financial preparedness,” said Lindquist.


Continue Reading