Monday, July 24, 2017

Promens' 2013 financial results highlight company milestones, strategic plan

Promens released its 2013 results earlier this month, highlighting several milestones in the company's strategic plan.

The company saw a slight decrease in sales over 2012 and a small decline in the group's EBITDA before exceptional costs, which totaled $822 million and $78.32 million, respectively.

The decrease came from an increase in investment in sales and marketing, processing and R&D resources, as well as higher capital expenditure investments.

Promens Group, however, saw net profit 10 percent ahead of 2012 for the year, at $27.54 million, a record for the group.

The company's net debt was reduced by $11 million over the year and maintained a leverage ratio of 2.3x EBITDA with an equity ratio of 37.5 percent.

"Having enjoyed yet another robust year, we have every reason to expect stronger earnings moving forward as we pursue our refined corporate and segmental strategies, especially given the improving economic climate in Europe and our entry into new geographical markets and segments," Promens President and CEO Jakob Sigurdsson said.