Bosch recorded healthy growth in Greece in 2023. According to its executives, the company went through a demanding year globally and managed not only to respond successfully, but also to achieve growth in Greece, exceeding its business goals.
Bosch in Greece has been operating as a subsidiary of the Bosch Group since 1992, employs a total of 275 staff with its consolidated group sales increased by 8.5% to 266.7 million euros in 2023 despite challenging market conditions and a volatile global environment with high interest rates and inflation as well as consumer hesitancy.
“The increase in 2023 was a result of the company’s continued growth over the past decade, despite the challenges posed by global economic uncertainty with high interest rates and inflation, consumer hesitancy, and the current geopolitical situation,” said Ioannis Kapras, CEO of Bosch in Greece and added that “we believe in the long-term dynamics of the Greek market. We are already exploring and working intensively on new strategic growth areas such as software solutions and digital services. Addressing the industrial sector, we provide support services for the design and development of new products as well as digital transformation technologies for the factories of the future.”
It should be noted that all subsidiaries of the Bosch group in Greece recorded positive performances. More specifically, the Automotive sector recorded steady growth while the Industrial Technology sector saw moderate sales growth. The Consumer Goods segment also grew thanks to the positive performance of the Power Tools segment. Finally, the Energy and Building Technology business sector recorded significant growth.
2024 outlook
Regarding the outlook for 2024 and taking into account the moderate global economic recovery and significant geopolitical tensions, Bosch in Greece expects to achieve stable growth compared to sales levels in 2023. “The Greek economy continues to perform well, which makes us at Bosch optimistic about a positive outlook for the current year as well,” Kapras pointed out.
Referring to Bosch’s international footprint, Stefan Hartung, Chairman of the Board of Robert Bosch GmbH, stated that “in the financial year 2023, we achieved our financial targets and strengthened our market position in various areas, from semiconductors to the integrated building systems.”
The company increased its sales by 3.8% compared to the previous year to 91.6 billion euros despite unfavorable economic and market conditions. EBIT stood at 5.3%, one percentage point higher than the previous year. It was higher than expected, but still below the target margin of at least 7% required over the long term. Bosch wants to achieve its target by 2026.
