Sales increase and very good financial results after the first quarter of 2020

FEERUM S.A., a leading producer of comprehensive grain elevators in Poland, with a strong position on export markets, published the results for the first quarter of 2020. The company generated revenues of 35,9 million PLN, i.e. 34,3% higher than a year ago. EBITDA increased by 57,7% to 5,7 million PLN. Operating profit was at the level of 3,3 million PLN (increase by over 123%), and net profit increased by over 195% and amounted to 4,2 million PLN, while in Q1 of 2019 it was 1,5 million PLN.

Export sales had a positive impact on sales in the first quarter of 2020, which increased by 71,2% and accounted for 85,7% of revenues. The main export markets were Ukraine (29,7 million PLN), Tanzania and Lithuania.

The current order portfolio amounts to approximately 163 million PLN and includes 31 contracts, with completion in 2020/2021. In turn, the potential portfolio of contracts for the years 2020/2021 has a value of 226,4 million PLN, of which the potential of clients awaiting EU funding and having a building permit is about 28 million PLN.

We are pleased with the very good results after the first quarter of this year. We consistently implement the plan to strengthen FEERUM’s position on foreign markets. We have a strong order portfolio, covering both foreign and domestic contracts, which we are still expanding. A quick response to the difficulties associated with COVID-19, as well as high automation of production, allowed us to maintain liquidity of operations in all areas during the period of difficulties associated with the pandemic. We are optimistic about the outlook for this and subsequent years – said Daniel Janusz, CEO of FEERUM S.A.

Date of publication: 30.06.2020