FRANKFURT (Reuters) – German industrial giant Siemens on Thursday reported an increase in its annual net profit despite a fourth quarter troubled by global supply chain problems which the company says will improve next year.
After the split of its energy subsidiary last year, the company has had “a very successful start as a focused technology company,” CEO Roland Busch said in a statement.
Between July and September, Siemens saw its net profits fall 29% to 1.3 billion euros (1.5 billion euros) from 1.9 billion euros during the same period last year. , of which â¬ 800 million was due to discontinued operations, including Siemens Energy.
On a comparable basis, orders increased 16% to a value of 19 billion euros in the fourth quarter, while revenue increased 10% to 17 billion euros. Siemens, which manufactures products ranging from trains to factory equipment, has seen its sales and orders increase in its industrial activities, led by its âdigital industriesâ segment, which includes factory automation. The branch successfully overcame the âongoing supply chain risks associated primarily with electronic components and raw materialsâ, highlighted by Siemens as a business disruption.