Source: LIQUI MOLY announcement
LIQUI MOLY, the German oil, brake-fluid and additive specialist, increased its turnover to €355 million during the six months of 2021, an increase of 23 percent compared with the same period in the previous year.
“We have emerged stronger from the pandemic because we refused to put our heads in the sand, instead we worked hard and got the job done,” said Managing Director Ernst Prost. “By the time we recorded the highest monthly sales in the company’s history in March, we had already exceeded this result by almost 66 million euros in June.”
The increase of 23 percent after six months is not due to a weak half of 2020 due to the pandemic. Quite the opposite: compared to the first half of 2019, growth stands at 38 percent. And it wasn’t just revenue that increased: From January to July, 53 new employees were hired.
Sales Up Dramatically in 2020 for LIQUI MOLY
Ernst Prost attributes this success to our continuous commitment: “Uncompromising, when it comes to the quality of our products. Uncompromising, in delivering the very best service to our customers. Uncompromising, in investing in our four pillars: people, markets, machines and brand.”
LIQUI MOLY also benefits from the fact that engine oils are increasingly becoming high-tech lubricants that are becoming increasingly demanding to produce. Some oil manufacturers cannot keep up with this technological change. In contrast, LIQUI MOLY is constantly investing in research, production and logistics – even in difficult times.
“Cutting investments because of the pandemic would be like a farmer selling seeds instead of spreading them in the field,” said Prost. “Like sawing off the branch you are sitting on just for a short-term financial gain.”
Although LIQUI MOLY has come so well through the pandemic, the company faces major challenges on a daily basis, which can also be seen in its earnings. Although in the first half of the year this was significantly higher than in the comparable period of 2020 (€3.6 million) at €8.2 million, it was noticeably lower than in previous years.
“Not only because many raw materials are becoming more and more expensive,” says Ernst Prost. “Some are hardly available anymore.”
To view the entire announcement, click HERE.