A sharp increase in the healthcare business, dynamic results in the Americas and Asia, and a record level of investment decisions were just some of the highlights reported in Air Liquide’s third quarter (Q3) 2024 results.
Published today (23rd Oct), the results are mostly positive, but a 1.5% drop in European sales was reported by the industrial gas giant for the quarter. Its published revenue also decreased slightly by 0.7%.
Group revenue for Q3 totalled €6.76bn, a 3.3% growth compared to the prior year. All activities grew over the period. Revenue from large industries was up 2.8%, the industrial merchant business was up 1.7%, electronics up 5.9%, and healthcare up 9.2%.
François Jackow, CEO of Air Liquide, said the results demonstrate the resilience of the company’s business model, highlighting improved margin and investment decisions.
Jackow also referenced the particular strong performance in the Americas and Asia.
The Americas gas and service revenue was €2.56bn, with all businesses contributing to the 8.2% growth. Large industries benefited from the start-up of a new plant and industrial merchant sales were supported by a price effect.
Healthcare growth in the Americas grew a solid 25.3%. Electronics grew 12.5%, and sales of carrier gases and of equipment and installation also reported double-digit growth.
Growth in Asia wasn’t as strong but was still up 4.1% compared to the prior year, with revenues of €1.34bn. Large industries sales were up 6.6%, benefiting from a large helium unit in Chain. The dynamism of carrier gases and advanced materials were the main contributors to growth in electronics, which was up 6.6%.
Revenue in the Middle East & Africa increased 1.1% to €296m in Q3 2024. It increased by 6.5% excluding the divestiture of businesses in 12 African countries finalised in July.
Europe was the only geography to have a dip in sales. A revenue of €2.25bn, reflected a 1.5% drop compared to the prior year. Large industries revenue was down 3.6%, the industrial merchant business was down 2.3%. Despite the declines, however, healthcare was up 3%.
Industrial and financial investment decisions were at a record level of €1.4bn in Q3 2024, exceeding €3bn since the beginning of the year. The investment backlog was €4.2bn.
Jackow, said, “Paving the way for future growth, our investment momentum is particularly strong. Well diversified, our investment backlog was still at the very high level of €4.2bn in Q3. Reaching a record level, investment decisions amounted to €1.4bn with major projects in large industries and electronics.”
He also noted that 12-month investment opportunities remained at a high level of more than €4bn. This was driven by the transportations that the group accompanies. More than 40% of opportunities relate to the energy transition.
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