Algol Group's business developed favourably in 2021

Press Release 23.3.2022

The Algol Group's business developed favourably during 2021. Consolidated net sales increased to EUR 181 million, while operating profit improved to EUR 6.7 million. All Group companies improved their results compared to 2020. In addition, nearly all Group companies also surpassed their budgeted target.

The growth and improvement in earnings were due not only to strong demand, but also to more efficient operations. On the other hand, long delivery times for raw materials and components limited sales somewhat. Restrictions imposed in response to the corona pandemic also slowed sales, especially in healthcare-related sectors.

Outlook for the current year positive for the time being

The trend for the current year is difficult to predict. Uncertainties remain in terms of the availability of labour, delivery times, price trends and the impacts of the corona pandemic. Above all, Russian hostilities in Ukraine are likely to have a negative impact on our business and the general economic trend.

Nevertheless, the outlook for Algol for the time being remains positive. Algol Chemicals continues to enjoy strong demand, Algol Technics has a healthy order book, and the healthcare business appears to be returning to normal for the most part following the disruptions caused by the corona pandemic.

Algol Group companies operate in many different sectors and regions, which provides stability also in times of uncertainty. The goal for this year is to achieve moderate growth and to maintain profitability at its current level.

 2021 2020
Net sales, M€ 181 151
EBITDA, M€ 9.4 4.7
EBIT, M€ 6.7 1.3
Result after taxes, M€ 5.5 -0.2
ROE, % 22 -1
Solidity, % 37.5 36.9
Net debt, M€ 4.4 7.8
Number of personnel on average 463 477

More information

Alexander Bargum, CEO, Algol Group, tel. +358 40 732 3232.

Algol in brief

Algol is a Finnish multi-branch company specialising in international trade. We have been operating responsibly with an international network of partners for more than 128 years. Our solutions improve the quality of industrial production and ensure smooth operations. In the healthcare sector Algol’s solutions promote the conditions for healthy living.

The Algol Group had net sales of 181 million euros in 2021. We employ almost 500 professionals in ten countries.