Continued strong growth and profitability for Incap

Revenue for the third quarter 2021 amounted to EUR 47.0 million, an increase of 67.5% from EUR 28.1 million during the third quarter last year. Adjusted operating profit (EBIT) grew 118.8%, amounting to EUR 7.9 million, compared with EUR 3.6 million during the same period 2020. Net profit for the period amounted to EUR 6.4 million, and increase of 167.7% from EUR 2.4 million during the third quarter 2020. “Our result for the third quarter was exceptional: revenue was all-time high. This is mainly due to increased demand and to a backlog from the second quarter, when the Indian factories were closed. The growth was largely enabled through capacity expansions of the Indian factory,” says president and CEO, Otto Pukk in the quarter report. He continues to say that profitability was on an excellent level. The EBIT was also all-time high, and the EBIT margin was among the highest in Incap’s history. “The high profitability was related to the high volume and favourable product mix and to some extent supported with synergy effects in common functions such as purchasing.” For the remainder of 2021, Incap estimates that its revenue, operating profit for 2021 will be significantly higher than in 2020. Revenue is estimated to be EUR 166–171 million, and operating profit is estimated to be EUR 24–26 million. “To meet the growing demand, we have been increasing the production capacity in India. One expansion project has already been finalised and the second one is close to being finalised and the third factory project is proceeding as planned,” the CEO concludes.