BELGIUM: Daikin Europe saw its turnover grow by 4% and profits climb by 11.6% last year despite the difficult economic conditions.

Figures released from the company’s Ostend headquarters for the financial year to March 31, 2013, show a consolidated turnover of €1,834m.

The positive figures are said to have owed much to Daikin Europe’s investment in the Turkish market. Its turnover in this area doubled as a result of the acquisition of Airfel, the Turkish hvac manufacturer, in 2011. Daikin also expanded its Turkish dealer network and invested in brand awareness in what is seen as one of Daikin’s biggest markets in the EMEA region.

The Middle East showed a moderate growth of 5% in sales, mainly through efforts in consulting sales activities in a traditional chilled water system market and expanding the dealer network in UAE and Saudi Arabia. The continuing bad economic situation saw no growth in Europe, CIS and Russia.

Substantial growth was seen in heating products for the residential market and chilled water systems for large commercial and industrial applications. The level of sales for air conditioning systems was comparable to the year 2011.

Much of the future growth in Europe, the Middle East and Africa rests on the development of market specific products through Daikin’s EMEA Development Centre which it established in 2011. Pursuing a €2bn turnover target, Daikin says it will re-enforce its market leadership in the high end of the air conditioning market, and additionally focus on the low end market segment, where it is currently not present. Daikin’s flagship VRV is to be extended with a heat recovery range in February 2014, the company reveals.

Strong emphasis is also being placed on developments for the heating market, where Daikin is eyeing a top three position by 2015. A hybrid heat pump and a ground source heat pump are amongst the products promised for this market.