Profits up in Q3 at Polish foamer Selena

Wrocław, Poland – Polish PU foam maker Selena Group has reported improved financial results for the first nine months of 2024. Net profit for the period rose by 19.3% to more than €16.1m. 

The company said that the year has been marked by weak economic conditions in the construction industry. “[It] remains influenced by unfavourable macroeconomic factors such as growing inflation, high interest rates, cost of credit and energy prices,” Selena said in a statement. 

“The domestic market conditions are also under pressure from uncertain geopolitical situation. One of the effects of the slowdown in investments is reduced demand for construction chemicals. Against this backdrop, Selena Group reported an increase in performance compared to the same period last year.”

Despite the challenging market conditions, gross profit for the first three quarters of 2024 was up 12.8% year-on-year at more than €100m. Sales of €315.5m were up 6.5% from the €296.3m achieved in the same period the previous year. Pre-tax profit of €21m represented a 33.4% year-on-year increase.

“We’re consistently aligning our operations with sustainable construction principles, focusing on solutions in the areas of thermal upgrade, waterproofing and technologies that improve the energy efficiency of buildings,” said CEO Sławomir Majchrowski. “The overarching goal is to remain resilient to the market situation by seeking both new business development paths and improving existing processes.”

The group’s portfolio of brands includes Tytan Professional, Quilosa, Artelit and Cool-R. It has customers in about 100 global markets, it said, with manufacturing facilities in Spain, Romania, Turkey, Brazil, China, Kazakhstan and South Korea, as well as at home in Poland.

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