The investment company Wendel announced on Friday that it had made a net profit of 480 million euros in the first half, driven by the capital gain on the sale of the industrial paint company Cromology.
The revalued net assets, a key indicator for measuring the value of the portfolio, reached 7.35 billion euros at June 30, or 165.6 euros per share, i.e. 13% less than at June 30, 2021.
Consolidated turnover amounted to 4.22 billion euros, a slight increase of 5.5% over one year.
The companies in the portfolio, including the French inspection and certification group Bureau Veritas, are doing very well, greets AFP the chairman of the management board Andr Franois-Poncet, who highlights in particular their organic growth.
The sale of Cromology to the Japanese Nippo Paint, announced last October but recorded this year, brings an accounting gain of 590 million euros.
This transaction is an important step in Wendel’s 2021-2024 roadmap, and its strategy to redeploy its capital towards growth assets, the group said in a press release.
Find the lowest rate for your real estate project!
The depreciation of the shares of the manufacturer of floor coverings Tarkett, on the other hand, weighs on the accounts by some 160 million euros.
Wendel’s first half was marked mainly by the trial of some fifteen former managers and executives of the company, the acquisition of the specialist in certification against money laundering and financial crime ACAMS, the announcement of the departure of the chairman of the management board – his replacement has not yet been named -, as well as the sale of the historic headquarters located rue Taitbout, Paris.
Wendel had made a net profit of 1.05 billion euros in 2021, after a year in 2020 in the red due to the Covid-19 pandemic.