Brzeg Dolny, Poland – PCC Rokita, the Polish polyol maker, had total sales of PLN697m ($156m) in the first quarter of 2022. This up 40.8% on the same period last year. EBITDA across the business rose by 50.0 % to PLN 204m in the quarter.
However, the PU segment struggled. EBITDA was down almost 27% compared with the first quarter of 2021 at PLN64m. The company said the business had performed very well in the 2021 quarter, and despite the decline in earnings and smaller margin, it was a successful period for this segment. Polyol prices have and are still relatively high.
This is a double-edged sword, the company said. High product prices result in lower interest in the company's products and more conservative purchasing decisions, and leads to lower demand for polyether polyols. The war in Ukraine is also leading to an oversupply of polyols on the European market.
Upstream, prices for key raw materials propylene and ethylene have risen significantly since February, while the possibilities for polyol price increases have been limited or impossible, it said.
Across the wider PCC Rokita Group, EBITDA was ‘very high’ at close to PLN204m and more 50% higher than in the first quarter of 2021. This was because of successful business in the company’s chlorine business unit.
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