Feerum had PLN 4.6 million of net profit, PLN 12.95 million of EBITDA in 2021

Feerum recorded PLN 4.6 million of consolidated net profit attributable to shareholders of the parent company in 2021 compared to a loss of PLN 7.45 million a year earlier, the company said in the report.

The operating profit amounted to PLN 5.56 million compared to the loss of PLN 6.5 million a year earlier. The EBITDA result was respectively: PLN 12.95 million compared to PLN 2.94 million a year earlier.

Consolidated sales revenues reached PLN 132.13 million in 2021 compared to PLN 118.3 million a year earlier. Revenues from the sale of grain elevators amounted to PLN 111.85 million, respectively, compared to PLN 112.86 million a year earlier.

“The management board assumes that the temporary cut-off from an important area of ​​the Ukrainian market will be compensated by increased demand for Feerum products on the domestic market and revenues generated from a new branch of business - the Madani bicycle brand. Ultimately, Madani has the opportunity and potential to match the scale of the existing business related to the production of silos and grain elevators. The diversification strategy that we apply when entering sectors of activity that require a different set of skills and in which customer needs are satisfied than before is a response to today's socio-economic challenges ”- wrote the management board in a letter attached to the report.

On a standalone basis, the net profit in 2021 amounted to PLN 1.65 million, compared to a loss of PLN 7.9 million a year earlier.

Feerum is one of the largest Polish producers of comprehensive grain elevators for drying and storing plant products, such as cereals, legumes and oilseeds, corn and others. The company made its debut on the main market of the Warsaw Stock Exchange in 2013. In 2021, it had PLN 132 million of consolidated revenues.

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