Kortrijk, Belgium-based Bekaert, one of the world's largest steel cord and wire manufacturers, has announced that in the first half of the current year it achieved consolidated sales of €2.09 billion, rising by 15 percent compared to the previous year. In the first six months, Bekaert reported a net profit of €87.88 million, increasing from a net profit of €42.49 million recorded in the same period of 2016.
In the given period, the company’s EBITDA went up by 22.7 percent to €297 million, while its EBITDA margin increased to 14.2 percent from 13.3 percent, both compared to the first half of 2016.
Bekaert stated that it sees continued positive opportunities in the near future arising from the underlying strength and growth perspectives in the automotive sector, the confidence it has in the effectiveness of its improvement in North America and the growing impact of its transformation programs. Bekaert intends to invest €250 million in property, plant and equipment in 2017, around €100 million higher than 2016.