Danfoss, a leading Danish engineers solutions company, has registered solid growth in the first half with a 13% jump in sales which soared to €5.52 billion ($5.98 billion) from €4.9 billion ($5.3 billion) last year. 

 

Announcing its results for the first six months ended June 30, 2023, Danfoss said its net profit surged by 39% to hit €402 million over last year's results of €289 million, while its organic growth was 8%, with ebitda margin reaching 12.4%. 

 

Operating profit increased 20% to €686 million over €570 million, leading to ebitda margin of 12.4%.

 

After continued high levels of strategic investments in innovation and new technology, ebitda increased 20% to €686 million. Earnings were driven by the higher topline, M&A synergies, and unwinding of the disruptions in global supply chains. 

 

Headquartered in Nordborg, Denmark, the company is an expert in increasing machine productivity and electrification as well as cutting emissions and energy consumption.

 

With the half-year results, Danfoss continues to transform, and to deliver on its green growth strategy, Core & Clear 2025. 

 

Danfoss continued to make significant investments in M&A, digital transformation, innovation and expanding capacity and regional footprint to offer customers and partners best-in-class solutions. 

 

The aim is to be the preferred technology partner and drive decarbonization globally together with customers through energy efficiency, machine productivity, lower emissions, and electrification, it stated.

 

On the solid performance, President and CEO Kim Fausing said: "I would like to thank the entire Danfoss team for delivering robust half-year results. In particular, I would like to highlight our continued strong growth momentum in the Americas and India as well as in our Power Electronics and Drives segment."

 

On March 1, Danfoss closed the acquisition of the German compressor manufacturer BOCK GmbH, which is a global technology leader in semi-hermetic compressors for natural refrigerants. 

 

With the rising demand for climate-friendly technologies in commercial refrigeration systems, Danfoss has invested in this area to broaden its portfolio of compressors. Integration of Eaton’s hydraulics business and Semikron Danfoss are also progressing well, he stated.

 

"Danfoss also made another step towards the target of carbon neutrality in its own global operations (scope 1 & 2) by 2030 by signing a power purchase agreement for solar power in the US, starting in 2025," he explained. 

 

Electricity will be sourced from a new six square-mile farm in Texas, US. Groundbreaking is scheduled for November, with the farm becoming fully operational by the spring of 2025, he added.-TradeArabia News Service