MALMO, Sweden—Hexpol A.B. has reported record sales and operating profit (EBIT) for the year 2021 despite challenges posed by the slowdown in automotive production, supply-chain disruptions and COVID-19.
The Swedish group posted a 59-percent year-on-year increase in operating profit to $326 million (SEK 3.0 billion) during the year, on 20 percent higher sales to $1.7 billion, Hexpol announced Jan. 28. Profit after tax increased 67 percent to $250 million.
Over the final quarter of the year, sales grew 20 percent to $434 million, while operating profit declined 13.6 percent to $58 million, due mainly to non-recurring costs of the fire at Hexpol's rubber compounding site in Jonesborough, Tennessee, earlier in 2021.
"We had a strong sales growth of 20 percent compared with the corresponding quarter last year, driven by good sales in all markets and product areas," said President and CEO Georg Brunstam.