Gazprom, the Russian gas giant, is planning to produce washing machines and refrigerators at the former Bosch plant near St. Petersburg. This move comes as a response to the decline in gas exports to Europe and the absence of a new contract with China. Production is expected to commence later this year
Category Archives: Financial
BSH increases turnover to 15.3 billion euros in 2024
BSH Hausgeräte GmbH achieved a turnover of 15.3 billion euros in fiscal year 2024 and recorded a year-over-year growth of 3%, 7.5% after adjustment for exchange rate effects. Europe’s leading home appliance manufacturer thus successfully held its own in a challenging market environment, thanks especially to positive developments in the growth markets of North America and the Emerging Markets. “Our strength lies in the combination of strong brands, outstanding product experiences, pioneering innovations, and reliable quality. It is precisely this that delights our consumers – and it forms the basis for our long-term success,” emphasizes CEO Dr. Matthias Metz
LG results
LG today announced its preliminary earnings results for the first-quarter of 2025, reporting a consolidated revenue of KRW 22.7 trillion and operating profit of KRW 1.3 trillion. This marks the first time LG’s first-quarter revenue has exceeded KRW 22 trillion the home appliance solution business, LG’s premium products maintained strong leadership in the global market. The built-in appliance business – a B2B segment – alongside key component sales such as motors and compressors, also contributed meaningfully to the performance.
The company’s subscription business, which combines hardware and services, is rapidly expanding. In 2025, LG plans to further strengthen its subscription-ready product lineup and customer care services, while also accelerating the global rollout of its subscription model.
Midea results
Midea Group a global leader in smart home appliances and commercial & industrial solutions, today we announced record-breaking 2024 annual results, with revenue reaching RMB 409.1 billion (up 9.5% YoY). Net profit attributable to shareholders surged 14.3% to RMB 38.5 billion, while operating cash flow hit a historic high of RMB 60.5 billion, underscoring strong operational efficiency.
Electrolux General meeting
Annual General Meeting of AB Electrolux was held in Stockholm on March 26, 2025.
Shareholders and others had the opportunity to follow the Annual General Meeting live via Electrolux Group’s website. A recording from the Annual General Meeting of the reflections by President and CEO, Yannick Fierling, on the past year, and the strategy going forward will be available on Electrolux Group’s website, www.electroluxgroup.com/agm2025.pp
Frasers Group raises AO World stake
Frasers Group has raised its stake in online electricals retailer AO World to 25.01%, up from 24.02%, according to a recent regulatory filing.
This move strengthens the Sports Direct owner’s position as the second-largest shareholder in the business, following the retailer’s positive trading update this week.
AO World raised its full-year profit forecast, with adjusted pre-tax profits expected to be between £39m and £44m for the year ending March 31, 2025
Xiaomi sales increase
Xiaomi Corporation posted a record 2024, with a growth of 35.0% and total revenue of RMB 365.9 billion (€47.6 billion). Adjusted net profit increased by 41.3% YoY to RMB 27.2 billion (€3.5 billion)
Large-scale smart appliances saw a 56.4% YoY increase, with record shipments:
Air conditioners: +50% YoY (over 6.8 million units)
Refrigerators: +30% YoY (over 2.7 million units)
Washing machines: +45% YoY (over 1.9 million units)
Glen Dimplex founder Martin Naughton’s son to become CEO
Glen Dimplex, the electrical goods company founded by Martin Naughton, has named one of the businessman’s sons as its next chief executive officer (CEO).
Fergal Naughton (49), who has been a director of Glen Dimplex for the past 18 years, according to Companies Registration Office (CRO) filings, will succeed Fergal Leamy from next month.
Building Bridges: APPLiA and China’s SAMR Collaborate on Market Surveillance and Sustainability
In the lead-up to the annual International Roundtable of Household Appliance Manufacturer Associations (IRHMA), APPLiA’s Director General Paolo Falcioni recently engaged in discussions with China’s State Administration for Market Regulation (SAMR) in Beijing. The meeting centered on the EU Market Surveillance Framework and its crucial role in promoting product safety, regulatory compliance, and consumer protection.
As global markets become increasingly interconnected, such dialogues are pivotal in fostering mutual understanding and collaboration on key regulatory issues. The discussion highlighted opportunities for both regions to address the challenges of globalization, with a particular focus on advancing sustainability and innovation.
The exchange also delved into strategies for enhancing market oversight, navigating the complexities of international trade, and bolstering competitiveness on a global scale.
V-Zug turnover down
In 2024, the turnover of the Swiss V-Zug fell by 8.8% despite the good performance of OEM sales (+15.8%). V-Zug, which opened or renovated stores in Hamburg, Berlin, Milan and Sydney, did not reduce the permanent staff to 2066 people and completed the new factory and new offices.
For 2025, V-Zug expects an improvement in sales and profitability as well as a recovery in consumption. V-Zug maintains its medium-term targets, in particular a sales growth of 3 percent per year and an EBIT margin of 10-13 percent.
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