Hempel net profit of 53m euro in 2010
MARITIME INDUSTRY: The Hempel Group delivered an operating profit of 92 million euro in 2010, and despite dramatic increases in the price of raw materials throughout the year, this was on a par with last year’s result. Net profit, however, was significantly higher than last year’s, establishing a new record for the Group.
Driven by significant organic growth in Asia and the Americas, Hempel’s revenue grew by 8 per cent in 2010. Group revenues rose by 8 per cent from EUR 826 to EUR 889 million, operating profit of EUR 92 million was on a par with last year’s result, while the net profit rose by 19 per cent to EUR 53 million - a record high for the Hempel Group.
The Group’s top-line performance gained momentum, particularly in the last quarter of 2010, with every business segment in the Hempel Group achieving a positive result. The Group has also started 2011 with solid growth, enabling it to go ahead with plans for new acquisitions and for expanding operations in Russia, Argentina, Saudi Arabia and India with new production facilities.
“The Group returned a double-digit operating margin in 2010,” says Pierre-Yves Jullien, Group President and CEO of Hempel A/S. “This proves that, even in a challenging business environment, we can control our costs, anticipate changes in the market and react relatively fast.”
In the Protective segment, Hempel’s business in the USA and China grew significantly, while European operations were strengthened by a new factory in Poland and a positive result in Russia. In Hempel’s Marine segment, Marine Maintenance returned top-line growth of almost seven per cent. The Group’s operations in Decorative lived up to expectations, with significant top-line growth in China and the Middle East. And, after almost disappearing in 2009, Hempel’s Container business returned, making a positive impact on the Group’s overall result.
Source: Hempel / maritimedanmark.dk
