Wrocław, Poland – Polish PU foam maker Selena has reported improved financial results for 2022, posting revenues of more than PLN1.96bn (€426m), up 13.6% compared with a year earlier. Operating profit was up 65.7% year-on-year to PLN154m (€33.3m).
The company stated that its investments in factories last year enabled it to upgrade and expand their capacities. It is also working to boost its exports to a number of western markets.
“The strong results recorded in 2022 only confirm that we have chosen the right strategy, adapted to individual markets, and that we are on track towards meeting our goals,” Jacek Michalak, Selena Group’s CEO, said in a statement.
“The outbreak of the war in Ukraine had a big impact on doing business in the east,” he said. “Due to the geopolitical situation, we reoriented our strategic growth direction from the east to the west. We see potential in, for example, western countries of the EU, NATO-protected countries, the US and Brazil.”
He added that revenues in both North and South America were up strongly on the back of business development. “We hope that the armed conflict across the eastern border will end as soon as possible and we will be able to return to our traditional markets, although we are set to maintain our growth in the west,” he said.
Selena’s COO Roman Dziuba said the company aims to further boost its flexibility through a diversified and growing portfolio of products. “A proper distribution of production capacity across countries is also important,” he said. “We have concentrated on technological development of our plants, for example in Dzierżoniów, in Bolu, Turkey and in Quer, Spain, investing in equipment and production lines, in automation and robotization, as well as in raising safety standards.”
In addition to Poland, Spain and Turkey, the company also has production facilities in Brazil, China, Kazakhstan, Romania and South Korea, with a global workforce of about 1800. It sells its products, with brands including Tytan Professional, Quilosa, Artelit and Cool-R in about 100 markets worldwide.
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