Kortrijk, Belgium-based Bekaert, one of the world's largest steel cord and wire manufacturers, has announced that in 2016 it achieved consolidated sales of €3.71 billion, rising by one percent compared to the previous year. In 2016, Bekaert reported a net profit of €112.42 million, increasing from a net profit of €105.46 million in 2016.
In the given year, the company’s EBITDA went up by 17.6 percent to €513 million, while its EBITDA margin increased to 13.8 percent from 11.9 percent, both compared to 2015.
According to Bekaert's statement, firm demand from automotive markets has been a consistent driver of value creating growth throughout 2016. Despite growing uncertainty in Europe and in global markets driven by recent political events, the company projects automotive markets to continue to perform well in the first half of the current year. Bekaert expects demand from oil and gas markets to remain weak due to the continuing low planned investment activity in extraction projects.