Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the first quarter of the current year.
According to its financial results, in the first quarter this year Sandvik recorded a net profit of SEK 2.27 billion ($257.4 million), compared to a net profit of SEK 1.39 billion in the corresponding quarter of 2016. In the first quarter, Sandvik’s operating profit was SEK 3.5 billion ($397.74 million), rising by 45 percent year on year. Order intake in the given quarter amounted to SEK 24.9 billion ($2.82 billion), up 22.7 percent, while its revenues amounted to SEK 21.76 billion ($2.46 billion), rising by 10.5 percent, both compared to the same quarter of the previous year.
Sandvik stated that the year-on-year increase in operating profit was primarily due to higher revenues and the efficiency measures that it has pushed through over some time, but was also due to the positive impact from exchange rate changes.
According to the company’s statement, general demand remained stable in the capital expenditure-related tubular offering for the oil and gas industry; however, it has secured a major order valued at about SEK 400 million ($45.37 million) for the supply of stainless steel umbilical tubes for the Leviathan natural gas field in the Mediterranean Sea.