BERLIN (dpa-AFX) - Fuchs Petrolub AG (FUPEF.PK), a German maker of lubricants, and related specialty products, on Tuesday registered an increase in earnings for the full year, reflecting an improvement in sales revenue, supported by a rise in sales in almost all regions.
In addition, the Group said it expects an improvement in EBIT and sales for 2024.
The company said: 'While the previous two years were marked by extraordinary increases in raw material costs and considerable availability problems, raw material markets normalized in the past year. This eliminated the ripple effect of inflation of prices and allowed us to concentrate fully on business development again.'
For the 12-month period, Fuchs reported earnings after tax of 283 million euros, higher than 260 million euros of last year.
Earnings per share were 2.08 euros, up from previous year's 1.87 euros per share.
EBIT stood at 413 million euros as against 365 million euros in 2022.
EBIT before income from companies consolidated at equity was at 406 million euros, higher than 356 million euros a year ago.
Sales revenue moved up to 3.541 billion euros from last year's 3.412 billion euros.
Sales revenue from Europe, Middle East, Africa was at 2.041 billion euros, compared with 2.036 billion euros in 2022.
Asia-Pacific generated sales revenue of 979 million euros, higher than last year's 929 million euros.
Sales revenue from North and South America stood at 687 million euros as against 653 million euros in 2022.
For the full year, Fuchs will pay dividend of 1.10 euros, higher than last year's 1.06 euros per share.
Looking ahead, for the full year, the Group expects EBIT of around 430 million euros. This will be achieved through continued rigorous cost management and a firm limitation on new hires.
The company expects annual sales revenue to increase to around 3.6 billion euros, largely driven by volume and stable prices.
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