Solid growth in Algol Group’s net sales and earnings in 2022

The Algol Group’s business continued to develop favourably in 2022. Consolidated net sales increased by 29 percent to EUR 233 million, while operating profit improved to EUR 11.7 million. Nearly all Group companies improved their results compared to 2021 and also surpassed their budgeted target. 

The growth and improvement in earnings were due to strong demand and especially higher raw material prices. The discontinuation of business operations in Russia, however, had a somewhat negative impact on earnings.


  2022 2021 2020
 Net sales, M€ 233 181 151
 EBITDA, M€ 14.4 9.4 4.7
 EBIT, M€ 11.7 6.7 1.3
 Result after taxes 7.8 5.5 -0.2
 ROE, % 27 22 -1
 Solidity, % 36.0 37.5 36.9
 Net debt, M€ Net debt free 4.4 7.8
 Number of personnel on av. 476 463 477

Outlook for the current year stable for the time being

The trend for the year 2023 is difficult to predict. The economic outlook in general is uncertain. For Algol, however, the situation appears stable. Algol Group companies operate in many different sectors and regions, which provides stability also in times of uncertainty.

The key figures for the current year are estimated to remain at a slightly lower level than the previous year. According to our assessment, however, the performance corresponds to our longer-term targets and expectations regarding moderate growth, continuous improvement in our results and strengthening our balance sheet.