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Picanol Group Receives € 119 Million Profit in 2016

Engin Buzhttps://www.textilegence.com
After graduating from the Department of Journalism in the Faculty of Communication at Ankara University, Mr. Engin Buz completed his master's degree in Yıldız Technical University's Department of Political Science and International Relations. In 2000, he began his career as a reporter working in various publishing companies and he has prepared culture-art and economic news. Working as an editor in publications for the textile industry since 2009, Buz has started to work at Textilegence established in 2013. Engin Buz is currently preparing business news for the textile and digital printing industries prominently.

Picanol Group Receives € 119 Million Profit in 2016
Picanol Group Receives € 119 Million Profit in 2016

In line with  the previously announced  forecast, the Picanol Group realized a consolidated turnover of 639.78 million euros over the full 2016 financial year, which represented an increase in turnover of 20.8% compared to the 529.34 million euros recorded in 2015. This means that the Picanol Group outperformed its previous record year (a turnover of 559.98 million euros was recorded in 2013), and this all took place in the year that Picanol Group celebrated its 80th anniversary.

The Picanol Group activities resulted in 2016 in a net profit of 88.38 million euros compared to 60.6 million euros in 2015. In addition, Tessenderlo Chemie nv contributed 31.34 million euros to the net result in 2016 (compared to 25.09 million euros in 2015). The group closed 2016 with a net result of 119.73 million euros, compared to 85.69 million euros in 2015.

Weaving Machines

In 2016, the Weaving Machines Division experienced a record breaking year. The growing demand for quality and technology created strong sales – mainly in Asia and Europe –; and an increased market share in many markets. This resulted in Picanol putting a record number of weaving machines on the market in 2016; thereby especially focusing on dealing with production peaks. The sale of parts and accessories followed the positive trend of the weaving machines.

In 2016, the OptiMax rapier weaving machine was taken out of production and replaced by the OptiMax-i; which was launched in 2015 and is the fastest rapier weaving machine in the world that is series-produced. In 2016, Picanol further invested in the renovation and modernization of its production facilities; including the upgrade of the automated warehouse and the logistics systems. In combination with further productivity and quality improvements; Picanol aims to enhance its competitiveness through these targeted investments in Ypres.

The Industries Division also had a strong year and increased its contribution to the group result; thanks to a higher turnover in various sectors. This allows the Picanol Group to achieve its strategic ambition to further diversify the activities of the group.

The board of directors will propose the payment of a gross dividend of 0.1 euros (as in the previous year) at the annual general meeting on April 19, 2017; for a total amount of 1.77 million euros.

Picanol Group 2017 Outlook

For the first six months of 2017, the order book is well-filled. The company expects a slight increase in turnover for the first half of 2017 compared to the first half of 2016; but is taking into account a limited impact of rising commodity prices.  The Picanol Group remains cautious, as it is active as an export-oriented company in a volatile world economy. Due to the cyclical nature of the textile market, strict cost-control remains of the essence. The contribution of Tessenderlo Group to the result considerably reduced Picanol Group’s dependency on the cyclical textile market.

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