Selena: growth of revenue and profit in H1 2010

2010-09-08

In Q2 2010, the group Selena noted sales revenues of PLN 236.7m (€59.7m) and a net profit of PLN 20.4m (€5.1m), which is a marked improvement on the same period of last year.
In H1 2010 the company reported revenues of PLN 367.7m (€92.8m) and a net profit of PLN 14.8m (€3.7m), which represents y-o-y growth of 45% and 30.2%, respectively. One key factor affecting the company's balance sheet was the strengthening of local currencies, including the Russian rouble, the Turkish lira and the Ukrainian hryvna. Selena's results were also boosted by a high sales dynamic on developing markets – in Russian, Brazil, Turkey and Ukraine.
The group's authorities regard the first six months of 2010 as a success. In their opinion, Selena's acquisition of Matizol provides the company with new production capabilities and, as a consequence, has bolstered its position in the roofing products segment. The company is currently working on the next stage of a number of acquisition projects, e.g. the continuing integration of the company PMI Izolacja Matizol and the Spanish firm Quilosa.
On the other hand, one of its most important plans for H2 is to complete on time an investment in China. Assembly lines at the plant it is building there are to begin rolling by the end of 2010. Moreover, in accordance with the goals set out in its issue prospectus, it is preparing to implement a modern information system for the group. Among other things, this will reduce operating costs, optimise financial, sales and administration processes, which in turn will promote further growth for the firm. In the next two quarters of 2010 Selena intends to strengthen its position in particular in Central and Eastern European countries as well as in Asia. The group is also preparing to further diversify its product assortment outside Poland.