Siemens sees sharp rise in profits, beats forecast

German engineering giant Siemens has closed its first year under the leadership of Roland Busch with a strong rise in profits, reported dpa.

Earnings after taxes rose by 59 per cent to 6.7 billion euros, the company said on Thursday. This exceeded Siemens' forecast, which had already been raised several times in the course of the financial year.

It was also the first full year without its loss-making energy division Siemens Energy, which was floated on the stock exchange in autumn 2020 and in which Siemens now only holds a minority stake.

Busch described the results as "a very successful start," and said he was very confident about the prospects for next year. "We will continue with this momentum in the 2022 financial year," he said, adding that the company is now "optimally positioned."

However, turnover is expected to grow more slowly in the coming year. While it had increased by 13 per cent to 62.3 billion euros in 2021, the increase is now only expected to be in the mid-single-digit percentage range.

Shareholders will see dividends increase by 50 cents to 4 euros per share.