UPDATED: For the Danish wind turbine giant Vestas, 2024 ended with the election of a new president in the United States, which has created uncertainty about the future market for green energy in the important American market.
Therefore, it is cause for smiles on the boardroom that the company managed to significantly increase both revenue and profit last year.
Vestas ended the year with a total revenue of approximately 129 billion. DKK. This was 12 percent more than the year before. This is shown in the annual accounts published on Wednesday. At the same time, the company raised its profit after tax to almost 3.7 billion. DKK. This is just over six times more than in 2023. According to Henrik Andersen, CEO of the company, this has happened even though they have been challenged by rising costs.
- The year did not develop as expected, but with a record high value of order intake, a record high order backlog and an extraordinary turnaround in Power Solutions, Vestas leaves 2024 stronger than we entered it, he says.
- Our progress in 2024 was driven by an uncompromising focus on value over volume amidst the geopolitical uncertainty that is expected to cause disruptions for society and companies in the coming years.
- In this environment, wind energy plays a key role in building a secure and sustainable energy system.
Recognizes new US course
The financial statements specifically mention the US presidential election in a few lines. Vestas acknowledges that the election of Donald Trump has triggered a change of course on the other side of the Atlantic. The president has, among other things, expressed that he will focus on oil and gas instead of wind turbines.
Donald Trump has repeated this message since the election in early November, which has created major negative movements in the Danish company's share price.
Nevertheless, the company has high expectations for 2025, when it expects to raise its revenue again. This is due, among other things, to the fact that it has continued to see a positive impact from the so-called Inflation Reduction Act (IRA). It is an American legislative package with support schemes for, among other things, the expansion of wind power.
Vestas expects that revenue this year will end up somewhere between 18-20 billion euros. This corresponds to approximately 134-149 billion kroner.
/ritzau/
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