Siemens doubles net profit in 1H of 2020-2021 fiscal year

The net profit of the German industrial concern Siemens AG in the first half of the 2020-2021 financial year ended March 31 increased by 2.2 times and amounted to 3.888 billion euros, Report informs referring to the company.

Diluted earnings per share for the reporting period were 4.49 euros compared to 2.11 euros in the six months of the previous financial year. Revenue for the half-year increased in annual terms by 4.6 percent, to 28.736 billion euros.

In the second quarter of the current fiscal year, the company increased its net profit by 3.4 times on an annualized basis - to 2.39 billion euros. Diluted earnings per share for the reporting quarter were 2.79 euros compared to 0.79 euros a year earlier. Quarterly revenue increased by 6 percent to 14.665 billion euros. The volume of orders in the second quarter increased by 11 percent to 15.9 billion euros.

Siemens associates the growth in indicators with the improvement in the situation in the automotive industry, mechanical engineering, in particular, in China. At the same time, it is noted that the macroeconomic environment remains challenging due to the coronavirus pandemic.

The Siemens AG concern, founded in 1847, is one of the world leaders in the production of electrical engineering, electronics, power equipment, transport, medical equipment and lighting engineering, as well as specialized services in various fields of industry, transport and communications. The company’s headquarters are located in Berlin and Munich.