Wrocław, Poland – Polish PU foam maker Selena reported record quarterly results for the first quarter of 2022. Revenue was up to PLN421.6m (€89.1m), an increase of 20.6% on the same period a year earlier. Operating profit rose by 30.5% to PLN25.8m.
Sales in the EU generated about two-thirds of the company’s revenues. However, the company is growing its activities in other parts of the world, with sales up in both North and South America. Selena claims to be one of the world’s four largest producers of PU foam.
‘The beginning of 2022 brought us relative peace amid [a] partial stabilisation of raw material prices and supply chains,’ said CEO Jacek Michalak. ‘Just as the whole world was looking forward to further stabilisation, the war [in Ukraine has] heavily impacted on [the] economic relations in Europe and globally.’
Last year, the Polish company unveiled plans to open a new production facility in Kazakhstan, where its activities are focused on manufacturing insulation systems. Construction is due to be complete by 2024.
Selena operates a number of production facilities across the world. In addition to Kazakhstan, this includes factories in Poland, Spain, Romania, Brazil, Turkey, China, and South Korea.
Selena’s brand portfolio includes Tytan Professional, Quilosa, Artelit and Cool-R. It sells to about 100 countries.
Currency conversion: xe.com
