Kingspan Group: Significant increase in sales in the third quarter

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Kingspan Group announced a significant increase in sales in the third quarter of the year, and that it expects to show a significant increase in profits for 2021, compared to the previous year.

The company of construction and insulation materials stressed that sales for the third quarter increased by 50% on an annual basis, while for the first nine months of the year sales increased by 44% to 4.72 billion euros.

Underlying sales increased 33% in the third quarter and 34% in the nine months.

The company expects profits for the whole year to reach 750 million euros, higher than 508.2 million euros a year ago.

The unfulfilled balance of orders remains strong, although it decreases every week, with sales exceeding new orders, Kingspan said.

The company said 2021 was an unusual year for it, as customers placed their orders earlier than usual in an effort to escape inflation and availability pressures.

He added that the prices of raw materials have been somewhat stable in recent weeks, albeit at record levels, after unprecedented increases.

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Source From: Capital

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