Latin America leads Aggreko growth

Aggreko has reported steady growth in its business during the first nine months of 2024, with underlying revenues up 13% to US$2.078 billion and operating profit 17% higher at $455 million.

The UK-based company, which has been investing heavily in new forms of power including battery energy storage, cleaner fuels and solar parks, reported 16% growth in North America to $784 million, led by work in petrochemicals, refining and construction.

Aggreko is investing in battery energy storage systems. (Photo: Aggreko)

In Europe, revenue was up 11% to $428 million, with increased activity in utilities and data centres offset by decreases in construction and manufacturing.

Even higher growth was reported for Latin America, where revenues rose by 32% to $324 million, driven by oil and gas, mining and utility sectors.

Sales in Asia Pacific grew 15% to $230 million, with data centre demand in Japan, Malayasia, and Thailand, oil and gas work in Singapore, and mining and utilities in Australia.

The company continues to try to sell its Russian and Kazakhstan business. That operation has been sold to a new entity created for the purpose by Aggreko’s private equity owners, who continue to seek an external buyer.

That business reported revenues of $86 million in the nine month period, down 10% on the previous year.

Aggreko agrees Russian divestment with private equity owners Deal will see ownership transferred to ultimate owners