Vestas a world wind turbine leader records a growth in profits during the first quarter of the year 2023.The company has this year reported a net profit of 15 million euros ($16.4 million) in the first three months of the year.

This comes as a huge benefit for the company following the losses attained last year’s first quarter where the group had lost up to 765 million euros in the first quarter of 2022, after the Russia-Ukraine invasion that disrupted its operations.

“Vestas has had a good start to 2023 as the records are so far quite promising and full of positivity however there is more to do for there is still a long way to go for the full year,” said chief executive Henrik Andersen.

These losses were heavy for the company hence its resolution to move out of Russia in April 2022 following the invasion of Ukraine that ensued disrupting its services and operations. A conflict that has so far soared as diplomacy is still being sought for an amicable solution to the matter.

According to chief executive Henrik Andersen, the first quarter got a boost from the sale of the company’s converter business, lower warranty provisions, and “solid profitability” in its service division.
The CEO Vestas further revealed that there was an increase in wind turbine orders as they rose by 12 percent in the first quarter and revenue was up 14 percent to 2.8 billion euros as deliveries increased.

“The wind industry remains challenged by political uncertainty, slow permitting processes, and high inflation, which we expect to continue throughout 2023. So let’s hope for the best as we stride on filled with optimism,” he said.

Vestas group still focused on more growth maintains that their 2023 forecast remains unchanged as it focuses on sales ranging between 14 billion and 15.5 billion euros with an operating margin of three percent.