Ciech books PLN 58.39 million of net profit and strong cash flows in Q4 2021

Ciech recorded PLN 58.39 million of consolidated net profit in Q4 2021 compared to PLN 52 million of profit a year earlier, the company said in the financial statements.
The operating profit amounted to PLN 60.43 million against PLN 70.3 million profit a year earlier.

Consolidated sales revenues reached PLN 992.07 million in Q4 2021 compared to PLN 804.17 million a year earlier.

In Q1-Q4 2021, the company had PLN 292.42 million of consolidated net profit attributable to shareholders of the parent company compared to PLN 129.28 million of profit a year earlier, with sales revenues of PLN 3,459.92 million compared to PLN 2,975.73 million a year earlier.

“Despite unprecedented challenges, we have improved all relevant indicators in the three years of implementing the strategy. Consolidated EBITDA (Z) amounted to PLN 734 million - PLN 129 million more than in the previous year and PLN 100 million more than in 2018, preceding the implementation of the strategy. We ensured the profitability of our business, maintained the cost discipline necessary in an inflationary environment, and demonstrated flexibility and the ability to react quickly both in the face of risks and new business opportunities. We confirmed the high quality of this result in cash flow - operating cash flow in 2021 amounted to PLN 1,279 million, PLN 512 million more than in the previous year and PLN 825 million more than in 2018. Thanks to the focus on the efficiency of cash circulation and meticulous management of working capital we almost tripled our operating cash flow, ”wrote CEO Dawid Jakubowicz in a letter to shareholders.

On a standalone basis, the net profit in Q1-Q4 2021 was PLN 133.21 million compared to PLN 155.29 million in profit a year earlier.

The Ciech Group is one of the leaders of the European chemical market. It is the second largest producer of soda ash (used in the production of glass) in Europe and the only producer of this substance in Poland. Since 2005, Ciech has been listed on the Warsaw Stock Exchange. Its consolidated revenues amounted to PLN 3.46 billion in 2021.

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