Today’s news / FLSmidth’s profit grows despite cement sales dip
The Danish engineering group FLSmidth increased its revenue by ten percent to 24 billion kroner in 2023 and earned 491 million kroner, which is 39 percent more than the year before. (Archive photo) Photo: Ida Marie Odgaard/Ritzau Scanpix

FLSmidth’s profit grows despite cement sales dip

FLSmidth’s annual report reveals a shift away from cement orders towards mining. The Danish engineering group increased its revenue by 10%, reaching 24 billion Danish kroner, and profits grew by 39% to 491 million Danish kroner in 2023. Cement orders dropped by 26% last year, and the company is considering selling its cement division, which has been separated into an independent entity. In 2023, the mining division accounted for 17.1 billion kroner of the total revenue, an increase of 2 billion from the previous year. FLSmidth is now seeking advisors to assist with the cement business sale, although negotiations with potential buyers have not begun. According to the media MarketWire CFO Roland Andersen says the potential buyers could range from large German corporations to major product companies and cement producers.