Assa Abloy released its financial summary for the full year 2024, showing increased net sales, net income and operating income. President and CEO Nico Delvaux says the company “showed resilience and agility in a mixed market environment, concluding the year with solid performance.”
Over the year, net sales rose 7% and acquired net growth by 6%. Operating income increased by a record 15%, and earnings per share jumped by 7%. Overall, organic sales growth was strong in the company’s global technologies, good in the Americas, and stable in EMEIA, while organic sales dropped in entrance systems and declined significantly in Asia Pacific.
“Accelerating organic growth remains a key priority going forward,” says Delvaux. “An essential part of our strategy is upgrading the installed base with innovative digital and electromechanical products and solutions. We invest 4% of annual sales in research and development, which allows us to strengthen our offering and drive the transition forward. Electromechanical products and solutions are our portfolio’s most important growth driver, with a currency-adjusted growth of 8% in 2024 and an annual growth rate of 9% in the last 10 years in our regional divisions.”
Opening Solutions America
Assa Abloy’s report shows organic sales of opening solution products increased by 2% in the Americas. Organic sales growth was strong in Latin America and North America’s non-residential segment but declined in North America’s residential segment. Sales growth from acquisitions was 2%.
Acquisitions
Assa Abloy acquired 26 companies in 2024, adding around $734 million* to its coffers. It acquired eight companies in the fourth quarter of 2024 alone, with combined annual sales of more than $91 million*. It also divested Citizen ID to Toppan. In November and December alone, Assa Abloy acquired Norshield Security Products, Roger, 9Solutions, Premier Steel Doors and Frames, IXLA, and Lawrence Doors.
Entrance Systems
Organic sales growth of entrance systems declined by 2% in 2024. Organic sales growth was strong in pedestrian and stable in perimeter security but declined in residential and industrial. Net sales growth from acquisitions and divestments was 14%.
*Converted from SEK to USD on Feb. 11, 2025.