Today’s news / Siemens Denmark triples profits despite sales drop
Siemens A/S has its headquarters in Ballerup and employs just under 500 employees in Denmark. Photo: Foto: Carsten Andersen/Siemens A/S/Free

Siemens Denmark triples profits despite sales drop

The Danish division of Siemens has tripled its annual profit to 198 million kroner post-tax in the fiscal year 2023/24, despite a 13.5% decrease in revenues to nearly 1.7 billion kroner compared to the previous year. The growth exceeded management expectations and was primary attributed to the sale of Innomotics, a company specialized in electric motors. Under CEO Andrea Waenerlund, Siemens Denmark has been focusing on efficiency, digitalization, software, and artificial intelligence to assist customers in improving their efficiency through digitization. Despite the divestiture of Innomotics and a decline in sales in the business unit Digital Industries post-COVID, Waenerlund observes a normalization in customer inventory buildup and a positive development. Siemens AG is a global company headquartered in Munich, Germany, specializing in electrification, automation, and digitization, employing around 312,000 people globally. Siemens Denmark, based in Ballerup, has nearly 500 employees, while its various Danish companies employ 6300 people together in Denmark.