Aggreko is currently undergoing a strategic shift in its business operations, with the company exiting 25 countries since the end of 2021 in order to reduce risk. This change has allowed Aggreko to focus more on larger customers in Europe and North America, resulting in a 16% increase in revenues for the year ending December 31, 2023. In addition to this shift, Aggreko has introduced a new 60 kVA battery storage unit as part of its expanding product range.
In recent years, Aggreko has seen impressive growth rates of over 30% in both Europe and North America, with the Middle East also experiencing significant growth. Latin America saw a 17% growth in its operation last year, compared to 12% growth in both Europe and North America. However, sales in the Middle East declined by 9% due to the impact of the 2022 Qatar World Cup, while revenues in Africa fell by 10% due to country exits and off-hires in Malawi, Chad, and Mali. Despite these challenges, Aggreko continues to invest heavily in its fleet, with spending reaching $559 million last year, a 57% increase from 2022.
A large portion of this investment is allocated towards products related to the energy transition, with 70% being made in Europe or North America. This includes the acquisition of community solar projects in the US. In response to regulatory challenges in Russia, Aggreko’s parent company has decided to sell its Eurasian business to private equity owners. The company continues to relocate fleet resources from areas of low demand to areas of high demand, with an average of 5
