Company: LIN
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-007990
Chunk: 125

Company: LINDE PLC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 125
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12%, in 2024 versus 2023. The increase was driven primarily by higher pricing and continued productivity initiatives, partially offset by cost inflation and lower volumes.

APAC

(Dollar amounts in millions) VarianceYear Ended December 31,202420232024 vs 2023Sales$6,632 $6,559 1 %Operating profit$1,918 $1,806 6 %As a percent of sales28.9 %27.5 %

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2024 vs 2023 % ChangeFactors Contributing to Changes - SalesVolume2 %Price/Mix— %Cost pass-through1 %Currency(2)%Acquisitions/Divestitures— %1 %

The APAC segment includes Linde's industrial gases operations in approximately 20 Asian and South Pacific countries and regions including China, Australia, India and South Korea.

Sales

Sales for the APAC segment increased $73 million, or 1%, in 2024 versus 2023. Volumes increased 2% including project start-ups in the electronics end market. Currency translation decreased sales by 2% driven primarily by the weakening of the Korean won and Chinese yuan against the U.S. Dollar. Cost pass-through increased sales by 1% with minimal impact on operating profit. Pricing was flat.

Operating Profit

Operating profit in the APAC segment increased $112 million, or 6%, in 2024 versus 2023. The increase was primarily driven by volume including project start-ups and continued productivity initiatives which more than offset the impact of currency and cost inflation. 

Engineering

(Dollar amounts in millions) VarianceYear Ended December 31,202420232024 vs 2023Sales$2,322 $2,160 8 %Operating profit$410 $491 (16)%As a percent of sales17.7 %22.7 %

2024 vs 2023 % ChangeFactors Contributing to Changes - SalesCurrency— %Other8 %8 %

Sales 

Engineering segment sales increased $162 million, or 8%, in 2024 versus 2023 driven by project timing.

Operating profit 

Engineering segment operating profit decreased $81 million, or 16%, in 2024 versus 2023 due to larger benefits in the prior year from higher margin on lawful wind down of projects subject to sanctions in Russia.

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Other

(Dollar amounts in millions)