SUNEX generates record results in Q1

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SUNEX S.A. published its financial report for the first quarter of 2021. During this period, the leading manufacturer and distributor of innovative solutions based on renewable energy sources achieved record results. Revenue year-on-year increased by 15.1% to PLN 23 million, and operating profit improved by 62.8% to PLN 2.6 million. The Management Board of SUNEX is confident that the company will continue to benefit from the dynamic development of the RES industry.

SUNEX achieved record financial results in the first quarter of this year. From January to March it earned 23 million PLN in revenue, which is 15.1% more than in the same period last year. Domestic sales increased by 1.5%, to PLN 8.4 million, despite the hardest winter for many years. On foreign markets, revenues increased by nearly 25% to PLN 14.6 million. The share of exports thus increased to approximately 63.4%, with the German market remaining dominant.

At the same time, the manufacturer and distributor of innovative solutions based on renewable energy sources year-on-year improved its operating profit by 62.8% to nearly PLN 2.6 million. In turn, the result on operating activities including depreciation (EBITDA) increased by 67% to over PLN 3.4 million. In the first quarter of this year, the company generated nearly PLN 1.9 million in net profit, compared with PLN 0.2 million a year earlier. The value of equity within 12 months increased by 29.2% to PLN 34.2 million.

– The beginning of the year was very successful for us. It was also a record-breaking first quarter in the history of the company, in which we multiplied the net result year-on-year. During that period we launched an automated production line for hot water cylinders. As the demand for this type of products is maintained throughout the year, it also had a significant impact on the flattening of seasonal sales fluctuations – emphasized Romuald Kalyciok, President of SUNEX S.A. Management Board.

The current situation related to the COVID-19 pandemic had no impact on the demand for the offered products. However, an increase in prices of some raw materials for production and logistics costs was noticeable. – We are trying to modify and improve our logistics and production processes on an ongoing basis and we are constantly monitoring our own costs. As a result, on the one hand we want to pass on price increases to our customers as little as possible, and on the other hand to ensure a sustainable increase in profitability – said Romuald Kalyciok.

The company operates in the sector associated with renewable energy sources, offering a wide range of equipment used both in heating and solar technology, as well as a wide range of components and assembly elements used in both these techniques. – Development of the RES industry not only in Poland but also in Europe makes the perspectives of our further growth and development evaluated as very good. Our actions in the field of implementation of innovative solutions, as well as automation and robotisation of production, also fit into the current directions and development plans for the Polish and European markets, both in the short and long term – added Romuald Kalyciok.

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SUNEX S.A. is a leading Polish manufacturer of innovative solutions based on renewable energy sources. The company was established in 2002 in Racibórz. It offers, among others: heat pumps, solar collectors, thermosiphons, assembly systems, connection systems, tanks, pump groups, heat exchange stations, solar controllers. Over 60 percent of the company’s production goes abroad. SUNEX S.A. debuted on the regulated market of the Warsaw Stock Exchange in July 2015. Previously, the Company’s shares were traded on the NewConnect market.

Source: Sunex