Epiroc, the Swedish-headquartered, global market manufacturer of drill rigs and hydraulic breakers for the quarrying and mining industries, saw its profit, revenues and orders rise in Q3 2023.
The company’s received orders increased 17% to SEK 14.36bn (€1.21bn) (SEK 12.32bn – €1.04bn), supported by strong organic growth and acquisitions. The organic increase was 9%. Adding back the removal of the Russian order book in Q3 2022 of SEK 1.002bn (€84.9mn), the organic growth was flat.
Epiroc revenues increased 17% to SEK 14.997bn (€1.27bn) (SEK 12.802bn), with an organic increase of 7%. The business’s operating profit increased 12% to SEK 3.26bn (€276.22mn) (SEK 2.9bn – €245.73mn).
Helena Hedblom, Epiroc president and CEO, said: “The demand and activity level remained high within mining, and several large mining equipment orders were won. There was a particularly strong demand for automation and connectivity solutions. Construction customers, on the other hand, were more tentative.
“As anticipated, the demand in the third quarter was seasonally weaker than in the previous quarter. In the near term, we expect that the underlying mining demand, both for equipment and aftermarket, will remain at a high level. Demand from construction customers is expected to be soft.”
Hedblom said that in the third quarter, Epiroc won its largest-ever order (SEK 700mn – €59.32mn) to supply Democratic Republic of Congo (DRC)-based Kamoa Copper with underground equipment.
“After several years with a local presence and highly skilled and committed service technicians on site, the collaboration between Epiroc and Kamoa Copper has deepened into a real productivity and sustainability partnership. It is especially exciting to contribute to the success of the Kamoa-Kakula Copper Mining Complex, as it is projected to be among the world’s lowest greenhouse gas-emitting copper mines per unit of metal produced. The ordered machines have several advanced features, such as Epiroc’s telematics system, which allows for intelligent real-time monitoring of machine performance and productivity.”
