MUNICH (dpa-AFX) – The Munich testing group Tüv Süd increased its sales last year, but lost part of its profit. Sales increased by 7.3 percent to around 2.9 billion euros. “It is organic growth that was carried by all segments and all regions,” said CFO Matthias Rapp on Wednesday in Munich.
“However, the ongoing political and economic upheavals caused by the aftermath of the corona pandemic and the effects of the Ukraine war were noticeable in the result,” said CEO Johannes Bussmann. “In view of the difficult framework conditions, we are nevertheless satisfied with this development.” Profit fell from 154.5 million euros in the previous year to 132.6 million euros.
Sales are distributed largely evenly across the three Group segments of Industry, Mobility and Certification. It is assumed that all segments will continue their positive growth course, said Rapp. The group makes around three quarters of its total sales in its European home market. However, sales are growing particularly strongly outside of Europe: In America, sales rose last year by 19.4 percent to 177.2 million, in Asia by 12.8 percent to 517.3 million.
In the coming years, the company wants to create new jobs and focus on digitalization and set sustainability. By 2025, the Tüv Süd should be climate-neutral, said Bussmann. For example, the vehicle fleet is increasingly being converted to electromobility and the company buildings are being equipped with photovoltaic systems. Meanwhile, lawsuits are still pending against the company because of the devastating dam collapse in Brumadinho, Brazil, in 2019, which killed more than 260 people./jml/DP/tih
