Kingspan enjoys record profits even as sales slip to €8.1bn

Building materials giant reports ‘record performance against a challenging backdrop’ with after-tax profits of €654m

Gene Murtagh, Kingspan’s chief executive, said the company was ‘pleased to deliver another year of record profits and record cash generation whilst continuing to innovate and diversify our revenue base’. Picture: Naoise Culhane

Profits at Kingspan, the insulation and materials giant, rose to record levels in 2023 even as its revenues dropped slightly to €8.1 billion amid what the company called a “challenging” trading environment.

The Co Cavan-based company reported an after-tax profit of €654 million in its full-year results on Friday morning, 6 per cent up on the previous year.

Its trading profit was €877 million, which was 5 per cent higher than in 2022 – and ...