Istobal sees profits rise over 61 percent
The Spanish manufacturer of washing equipment Istobal has done well in post-pandemic times. It achieved sales of 145.7 million euros in the past year and posted a net profit of 14.4 million euros, which is an increase of 61.2 percent compared to a year earlier.
The Istobal Group’s sales grew by 13.4 percent in 2021, regaining pre-pandemic sales levels. The company exports 75 percent of its production, with France, Italy, the US, the UK and Denmark being the main markets.
Among its foreign subsidiaries, the U.S. stands out with a 43 percent increase in sales, followed by Brazil with a 33 percent increase. In Italy, Sweden and Austria the sales grew by more than 20 percent.
For this year, Istobal says it will continue to focus on sustainability and digital transformation as a way to drive its growth. That includes Istobal’s commitment to creating a data-driven culture with business intelligence at all levels of the organization. In the area of sustainability, the company is developing solutions which will reduce the consumption of water, energy and chemicals without affecting the quality of the washing result.
The company says it attributes the positive results of the past year to the recovery of the industry. As well as on and the development of new products and services that “fully meet the needs of car wash companies.” Istobal’s rollovers continue to lead the sales numbers. In addition, the product lines that have experienced the greatest growth are: the connectivity division, with figures 41 percent higher than the previous year, as well as water treatment, jet wash and commercial vehicles, with increases of about 20 percent compared to 2020.
Furthermore, the recent entry of Inversiones Herrecha as a shareholder with a 22 percent stake in Istobal’s capital will contribute to the company’s strategic projects and expansion plans for the coming years.