Siemens Gamesa to reach its profit target in the next three years

On Thursday, Siemens Gamesa Renewable Energy (SGREN.MC) announced that it expects a steady increase in margins in 2023.

The wind turbine maker posted a net loss worth 918 Million Euros ($1.08 billion).

Siemens Gamesa said that its financial performance was severely affected by the continuing slowdown in the Indian market and cost overruns associated with onshore wind projects in Northern Europe.

Siemens Gamesa’s shares climbed by 60% this year due to the rising demand for renewable energy.

The Spanish-German wind engineering company said that even it gained operating profit in the third quarter, it would not be enough to save the firm from an annual loss.

“I believe firmly that we are taking the correct steps to enhance our business fundamentally. We are on the right path to take Siemens Gamesa back to where it belongs at the forefront of the renewables industry. We need to do everything to make Siemens Gamesa competitive again,” Siemens Gamesa’s Chief Executive Officer Andreas Nauen said.