Wroclaw, Poland — Selena Group, which makes a wide range of polyurethane-based construction chemicals, doubled EBITDA in the first quarter of 2018 compared with 2017.
EBIDA reached PLN 7.5m ($2 m) in the quarter compared with PLN 3.8m in the equivalent 2017 quarter.
Sales grew more modestly by 12.8% to PLN 248 m compared with PLN 220 in the 2017 quarter. Sales grew because of the purchase of Uniflex, Selena added.
Cost of sales also grew by 15.5% to PLN 177 m compared to PLN 153m in the 2017 quarter.
Increased costs were due to higher raw material prices in the quarter, compared with 2017. The firm said it could only partially transfer these rises to customers because of the need to remain competitive.
Selena said there was little change in the geographical breakdown of its sales between quarters. Poland, included inside the European sector, accounted for 36% of sales. The European segment as a whole accounted for 68% of Q1 2018 sales. The share of sales in Poland fell because the Uinflex purchase has given the company a share of markets in more European countries.
There was a slight fall in sales to Eastern European and Asia segment to 26% of the total. The North and South America segment’s share also fell to 6% of sales.
Currency exchange: XE.com