FRANKFURT, Feb. 29 (Xinhua) -- Germany's KION Group on Thursday unveiled strong financial results for 2023, with its earnings before interest and taxes (EBIT) having more than doubled.
The adjusted EBIT at the group level increased from 292.4 million euros in 2022 to 790.5 million euros, the industrial truck and supply chain solutions provider announced.
The adjusted EBIT margin rose markedly from 2.6 percent in 2022 to 6.9 percent in 2023, an improvement that the company attributes to the improvement of supply chain constraints.
"In 2023, the KION Group benefited from a year of delivering on our strategy as we took further significant steps along our path to sustainable and profitable growth," said Rob Smith, chief executive officer of KION Group.
Smith told Xinhua that KION Group has been investing in China for several years, with two new factories in Jinan, the capital of east China's Shandong Province, to expand its production scale.
"China plays a very important role in our business. And having a strong business in China helps our business around the world," he said.
KION will continue to capitalize on growth opportunities through the electrification of industrial trucks in China, and push forward its development strategy in the country, he said.
