LIQUI MOLY announced it achieved a “respectable increase in sales,” despite the loss of the Russian market, although falling short of target revenue expectations.
Günter Hiermaier, who has been the motor oil manufacturer’s sole Managing Director since February, said he is satisfied with the result in view of the global political situation: “I would have preferred an easier start to my new role. We hadn’t overcome the effects of the pandemic – supply chain disruptions, rising raw material prices and freight costs – before the next disaster, the war in Ukraine, caught us by surprise. The decision to discontinue our Russian business has hit us hard economically. But it was the right one.”
Hiermaier said he had planned for 10% more for LIQUI MOLY in the first half of 2022. The actual result was an eight percent increase to €382 million.
Hiermaier said Russia had been one of the company’s largest sales markets. “Making up for this business was a huge feat. In addition, there were losses in the millions from the Chinese business, which almost came to a standstill due to the long lockdown in China. This is where our strategy of internationalization has really paid off. By exporting to 150 countries, we have spread our risk across a wide area and have been able to significantly increase our sales in other countries.”
