Wroclaw, Poland — Selena Group, which makes a wide range of polyurethane-based construction chemicals, generated net profit up 96% in the first three quarters of 2018, compared with the 2017 period.
Selena has strong first nine months in 2018
Sales for the nine-month period were PLN 927m ($245 m), and net profit was PLN 23.7m.
The company said it sold more higher margin products in 2018. It added that it had kept costs and exchange rate differences under control.
In the third quarter of 2018, Selena grew sales in Spain (19%), Ukraine (12%), China (10%), Kazakhstan (9%) and the US (8%). At the same time, gross profitability after three quarters was 29.2%. This was down 0.6 % on the previous year because of high raw material prices.
The company added that it was developing a number of new products including foam beds and liquid roofing products.
Marcin Macewicz, Selena Group's president, said: 'Despite the unexpectedly long difficult situation on the raw materials market for the production of construction chemicals, Selena records an increase in revenues and profit.'
Currency conversion: XE.com