The largest independent lubricant manufacturer, FUCHS PETROLUB SE, based in Mannheim, Germany reported higher sales revenues and earning in the first half of 2018.
“In the first half of 2018, we have continued our growth story with significant increases in sales volumes and organic sales revenues across all regions and increased our operating earnings. The significantly negative currency effects in the first quarter slowed down in the second quarter and are expected to continue to decline in the subsequent quarters. Although the economic environment is increasingly impacted by uncertainties in international trade, we expect the growth in sales revenues and the increase in EBIT to continue. We are reaffirming our identical forecast for the full year. At the same time, we are driving forward the development of the Group and continuing our initiatives in the fields of digitization, IT as well as modernization and expansion of production,” said Stefan Fuchs, chairman of the Executive Board of FUCHS PETROLUB SE.
According to FUCHS PETROLUB, sales revenues rose 5% to EUR 1,311 million (USD 1,531.9 million) in the first half of 2018, from EUR 1,247 million (USD 1,457.1 million) during the same period a year ago. Sales revenues in Asia-Pacific and Africa posted the highest growth, at 13%, during the first half, from EUR 363 million (USD 424.1 million) to EUR 409 million (USD 477.9 million), while North and South America recorded a negative growth of -3%, from EUR 205 million (USD 239.5 million) to EUR 199 million (USD 232.5 million). Meanwhile, Europe posted a 5% growth in the first half, from EUR 751 million (USD 877.5 million) to EUR 791 million (USD 924.2 million).
Earnings after tax rose 4% in the first half, from EUR 134 (USD 156.5 million) to EUR 140 (USD 163.6 million).
The FUCHS Group is a bellwether for the independent lubricants industry, although its global scope makes its operations closer to major oil companies, except its product offerings are limited only to lubricants, greases and other related specialty products. Founded in 1931 as a family business in Mannheim, Germany today there are 58 operating companies with almost 5,000 employees in more than 45 countries under the umbrella of FUCHS PETROLUB SE.
Ordinary and preference shares in FUCHS PETROLUB SE are officially traded on both the Frankfurt and Stuttgart stock exchanges. The preference share is a member of MDAX. But with more than 50% of the ordinary shares, the Fuchs family maintains the majority vote in the company.