Wroclaw, Poland – Selena Group, which makes a wide range of polyurethane-based construction chemicals, had record sales in 2017.
The company achieved sales of PLN 1.1.8bn ($ 348m) up 16% on 2016. EBITDA was PLN 69.2m itself up 17% on 2016, the firm said.
Despite the high costs of raw materials, the company managed to increase its margins. It said this was possible through better organisation and a tighter trade credit policy.
Sales rose by 89% in China, 29% in Turkey, 23% in Russia, 15% in Kazakhstan and by 12% in both Spain and Poland. The company said it was looking to Asia to grow sales in September last year.
Selena announced that it had spent PLN 8m to expand production capacity in the first six months of 2017.
Marcin Macewicz, acting president, said that in 2017 his firm dealt with ‘unprecedented increases in the prices of raw materials’. He added that these were ‘the highest for 15 years’.
‘We noticed a tendency to flatten out the construction season. The disappearance of significant differences between low and high season in the industry,’ he added.
The company formed a joint venture in China with Shanghai Haozheng Construction Engineering in 2017. This sells foam, silicone and assembly adhesives under Selena and its partner’s brands. Selena started to build a second facility in Nantong, China in 2009
The company also took part in the EU’s Horizon 2020 programme. It improved existing recipes and formulated new ones. Additionally, the company started building a new R&D centre.