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'increasing profitability' is correct and usable in written English.
You can use it whenever you want to refer to the act of improving a company's financial situation or bottom line. For example, "The CEO has implemented several strategies to increase profitability over the past year."
Exact(53)
The company has continued to take market share from other makers, while increasing profitability.
Under Republicans, price caps could be raised, increasing profitability for power companies.
Understanding the return on investment (ROI) for a feature is essential to increasing profitability.
Product managers then targeted only this customer segment thus increasing profitability while significantly reducing marketing costs.
But union representatives said they want compensation for the increasing profitability of cable and of shows that are broadcast overseas.
"This raises the profile of Texas Instruments as a solid growth company with increasing profitability," Mr. Lau said.
Similar(7)
A Peterson Institute study showing that increased women in leadership roles was linked to increased profitability.
For Philips, the combination is expected to increase profitability.
Sotheby's and Christie's are downsizing to increase profitability.
"But it's not a way to increase profitability.
Looking for ways to cut costs and increase profitability?
More suggestions(15)
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com