Liqui Moly Sees 50 Percent Drop In Profits
Feb. 15, 2021—Liqui Moly, a German lubricant and additive company, reported a 50 percent drop in profits in 2020, the company announced in a press release.
Sales grew just over seven percent from the previous year, including 17 percent in the U.S. and Canada, but the company’s profits declined sharply as it spent 45 million euro, equivalent to over $54 million, on marketing measures during COVID-19. The company also added 100 new employees.
The company recorded a total profit of 25 million euro, or just over $30 million.
“We fought to set ourselves apart from our competitors. Despite a vigorous implementation of hygiene measures, protection concepts and working from home, we were there for our customers around the clock and increased our presence in all media enormously. The fact that we are growing is only the logical consequence of our actions,” the company’s Managing Director Erne Prost said in a statement.