PARIS: Air Liquide SA, the French industrial gas maker buying US competitor Airgas Inc, yesterday reported a rise in profit last year that met analyst estimates amid a recovery in Europe and growth in emerging markets.
Recurring operating income rose 9.8 percent to 2.9 billion euros (US$3.2 billion), the Paris-based company said in a statement.
That was in line with the average estimate of analysts surveyed by Bloomberg.
Net income climbed 5.5 percent last year to 1.8 billion euros and it made cost savings of close to 300 million euros.
The company will propose a dividend of 2.60 euros per share, up 2 percent from last year, and said it is aiming to achieve net profit growth this year.
“The group achieved a solid performance, delivering once again an increase in revenue, operating margin and net profit, in the context of slower global growth in 2015,” chief executive officer Benoit Potier said in the statement.
Regulatory approval for the purchase of Airgas is being sought.
Air Liquide agreed in November last year to acquire Airgas for an enterprise value of US$13.4 billion in a bid to expand in the US market and leapfrog competitors Linde AG, Air Products & Chemicals Inc and Praxair Inc to the top spot in North America.
The purchase will be financed with a capital increase of as much as 4 billion euros, the French company has said.
Like Linde, Air Liquide has been adding plants in the US, China and the Middle East to process gases used in chemicals, refining and electronics, while also expanding in medical gases and healthcare services.
