Elektrotim expects 2023 to be much better than the previous one

Elektrotim estimates that the whole of 2023 should be much better than the previous one, including a chance for a higher year-on-year net result, CEO Artur Więznowski announced.

“2023 should be a much better year than 2022.” – said Więznowski during a teleconference.

“The results of the first quarter, if we look at the seasonality that characterizes Elektrotim […], allow us to conclude that the level of profit should potentially be even more favorable than in 2022.” – added.

He also informed that throughout the current year “it is absolutely realistic to maintain the level of margins earned in the first quarter”.

“Our reluctance to declare PLN 800 million, PLN 1 billion in revenues is now not even due to the limitation of working capital, but rather to the desire to defend margins. […] We certainly wouldn’t want to declare PLN 1 billion in revenues, which could end up with single-digit margins,” said the president, when asked about his ambitions regarding the level of revenues.

Elektrotim recorded PLN 5.76 million of consolidated net profit attributable to shareholders of the parent company in Q1 2023, compared to PLN 5.41 million loss a year earlier. Operating profit amounted to PLN 7.54 million against PLN 4.42 million loss a year earlier. Consolidated sales revenues reached PLN 97.45 million in Q1 2023, compared to PLN 52.36 million a year earlier.

Elektrotim specializes in the execution of electrical installations and automation systems for construction and industry. The company has been listed on the Warsaw Stock Exchange since 2007. In 2022, it had PLN 505.6 million in consolidated revenue.

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