COPENHAGEN (AFP) – Vestas, the world’s biggest wind energy company, said yesterday its net profit soared sixfold in 2024 as it logged a record number of orders for its turbines.
The Danish group’s after-tax profit jumped from EUR77 million in 2023 to EUR499 million (USD520 million) last year. Revenue grew 12 per cent to EUR17.3 billion.
“Vestas continued its positive trajectory in 2024 and achieved its outlook for the year,” chief executive Henrik Andersen said in a statement.
He added that “the year didn’t evolve as expected” but “Vestas leaves 2024 stronger than we entered it” thanks to all-time high orders and an “extraordinary turnaround” in its power solutions division.
The value of its order backlog reached EUR68.4 billion last year, representing 21.7 gigawatts of onshore wind power and 7.5 GW of offshore energy.
Vestas is banking on strong growth in offshore wind.
The company secured its first offshore wind project in the United States last year and saw expansions in Europe along with the emergence of new markets such as Japan and South Korea.
But Donald Trump’s return to the White House could prove a challenge to the sector as the US president temporarily froze federal permits and loans for all offshore and onshore wind projects.
Vestas is forecast revenue of between EUR18 billion and EUR20 billion in 2025.
“The need for energy security has become ever more apparent, and the need to build resilience by scaling renewables continues,” the company said in its annual report.
