Hilti hails “positive momentum”
25 September 2023
Liechtenstein-based company Hilti Group has announced its financial results for the first eight months of 2023, revealing a 5% increase in sales.
The company posted net sales of CHF4.3 billion (€4.4 billion), compared to the CHF4.1 billion (€4.2 billion) it posted in the same period in 2022.
In terms of growth, Europe led the way with sales of CHF2.1 billion (€2.1 billion) at a growth rate of 6.9%. Its Asia/Pacific segment saw growth of 6%, closely followed by the Americas with growth of 5.4%
Meanwhile, Eastern Europe, Middle East and Africa declined by 8.8%, with sales down to CHF332 million (€343 million) from CHF 364 million (€376 million) in 2022, however, the company said that it expected a slowdown in this segment.
Elsewhere, the operating result was 18.9 percent higher than in the same period last year at CHF466 million (€482 million), while net income was up by 17.1%. The company said this was due to “to the appreciation of the Swiss franc and increased interest rates.”
CEO Jahangir Doongaji said, “These results are in line with our expectations. While the overall supply chain situation is rapidly stabilising, the construction market outlook remains uncertain and varies in different parts of the world. Despite this uncertainty we continue with our long-term investments to strengthen our company strategically.”
Hilti said it expects a slight downturn in sales growth in the coming months, following the strong performance it posted in the last four months of 2022, although it still anticipates “high single digits in local currencies.”