The world's largest industrial gases group Linde announced its profit forecast for the new year with caution on Tuesday.

According to this, the adjusted profit is expected to increase by only eight to eleven percent to a range of 15.25 to 15.65 dollars per share. In comparison, analysts on average anticipate an increase of 9.5 percent.

In 2023, Linde was able to record a 16 percent increase in profit to $14.20 per share, thereby exceeding both its own and analysts' expectations.

This dynamic is now, however, being impacted by the "uncertain geopolitical and macroeconomic environment," as Linde CEO Sanjiv Lamba emphasized. Nonetheless, the company is determined to seize all opportunities.

To meet this endeavor, Linde aims to increase investments to 4.5 to 5.0 billion dollars - last year it was 3.8 billion.

The group's revenue fell by two percent to $32.9 billion in 2023, although a currency-adjusted increase of five percent was recorded. The six percent price increases, which offset the lower sales volumes of one percent, played a significant role in this.

Below the line, Linde achieved an adjusted net profit of $6.99 billion, corresponding to an increase of 13 percent. The operating profit margin improved from 23.7 to 27.6 percent.

In the fourth quarter, the operating profit rose to $615 million especially in Europe and the adjacent regions (EMEA), despite a four percent decline in sales.

The operating profit margin surged to 29.3 percent, compared to 25.1 percent in the previous year.

For the new year, Linde anticipates a restrained start. The executive board expects that earnings per share in the first quarter will reach a range of $3.58 to $3.68.

Thus, the increase of six to nine percent is below the target for the entire year. At the NASDAQ exchange, Linde shares rose by 3.17 percent to 413.34 US dollars at the time of publication.