2020 was good to Philips too

philips
Photo Credit: Studio040

Philips made a profit of €1.205 billion in 2020, and the multinational’s turnover grew by three per cent.

That’s more than in 2019. Then, the Eindhoven based company’s profit was €1.192 billion. This success is primarily due to Philips’ respirators being in demand worldwide.

Philips achieved a €6 billion revenue in the fourth quarter of this year. Sales grew by seven per cent. “In that quarter, Philips entered into 25 new strategic partnerships with hospitals in the US, Europe, and Asia,” says Frans van Houten, CEO of Royal Philips.

Not the only company that made a profit

The United States government had placed an order for 42,000 devices earlier in the year. Most of this order was, however, later cancelled. Philips is not the only major company in the region that did well last year, despite the global COVID-19 pandemic.

ASML and DAF also reported good results. This is, in part, why these companies workers went on strike recently.

Source: Studio040 and Philips

Translator: Melinda Walraven

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