The Boryszew Group, one of Poland’s largest industrial groups, published its financial results for the first half of 2017, recording a net profit of over PLN 161 million (increase by more than 68% y/y), revenue from sales of PLN 3,172 million (increase by 10% y/y) and EBITDA of PLN 255 million (increase by 18% y/y) and, thus, delivering the published financial forecast.
In the first half of 2017, the Metals Segment, with the biggest share in sales, produced revenue at the level of PLN 1,899 million (increase by 16% y/y). EBITDA in this segment totalled PLN 136 million (increase by 14% y/y). The Automotive Segment recorded revenue at the level of PLN 1,042 million (increase by 5% y/y) and EBITDA of PLN 102 million (increase by 52% y/y). The Chemicals Segment generated revenue of PLN 132 million (decrease by 19% y/y) and EBITDA at the level of PLN 12 million (increase by 113% y/y).
Jarosław Michniuk, President of the Management Board of Boryszew S.A., said that “The very good results produced in the first half of 2017 enabled us to deliver the forecast at the assumed level. Despite the strengthening of the zloty, exerting pressure on our results, we can stand by our forecast for this year. We are encouraged to do so by promising perspectives for the automotive segment, expected better results of the chemicals segment, resulting from its seasonality, and a stable situation in the metals segment.”
In the first half of 2017, the Boryszew Group produced revenue from sales of PLN 3,172 million, in comparison with PLN 2,882 million earned in the corresponding period of the previous year. Jarosław Michniuk, President of the Management Board of Boryszew S.A., explained that “An increase in revenue by 10%, in comparison with the first half of 2016, can be attributed to higher sales in the Metals Segment and the rise in metal prices on international markets. It results also from the development of our business in the Automotive Segment, where, despite the strengthening of the zloty and lower sales of tools, we recorded an increase of 5%, mainly owing to the development of Maflow business in Poland, China, Mexico, and Brazil, and an increase in sales of parts in BAP.”