Wrocław, Poland – Polish PU foam producer Selena has reported record results for the first six months of this year, posting revenues of some PLN 921m (€189.8m), up 16.9% compared with the first half of 2021.
Between January and June 2022, Selena reported a net profit of PLN 48.6m (€10m) which represented an increase of 22.2% compared with the first six months of last year, the manufacturer said in a statement.
The Polish company said its ‘financial results for first half of 2022 were not adversely affected by the geopolitical situation or supply chain disruptions. With its strategy of flexible response to changing market conditions, the company recorded a major increase in revenues and earnings compared to the previous year.’
Commenting on the positive results for the first half of 2022, Jacek Michalak, SEO of Selena Group, said the ‘robust operating profit for the first half of the year is the effect of our work on product margins and results from market price increases’.
‘Cash flows connected with investing in working capital, mainly inventories, certainly posed a challenge during the reporting period. Three factors played a key role here,’ said Michalak.
‘Firstly, the overall increase in prices: of raw materials, production inputs and finished goods. On the other hand, we have also built up our inventories due to the low availability of some raw materials. The third factor is related to the natural increase in inventories in anticipation of increasing sales.’
As part of its expansion plans, the Polish business is currently building a new production facility in Kazakhstan where Selena’s activities are focused on producing insulation systems. The Kazakh plant is to be opened in 2024.
Selena runs several factories globally, including plants located in Poland, Spain, Romania, Brazil, Turkey, China, and South Korea.
Selena’s brand portfolio includes Tytan Professional, Quilosa, Artelit and Cool-R, which it supplies to around 100 markets.