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PLThe first quarter of 2021 turned out to be record-breaking for the PCC Rokita Group in terms of consolidated EBITDA. The approximately PLN 136 million result represents an increase of almost 94% compared to the same period in 2020. The consolidated net profit amounted to nearly PLN 70 million, which in turn represents an increase of over 333% compared to Q1 2020. The results of the last quarter were also higher than the results of the last quarter of 2020 – the Group’s EBITDA increased by 8%, and the consolidated net profit by 20%.
“The past period was very good for us. For many months now our market environment has been characterized by high volatility, with the global economy operating at a slower pace. In this situation, our very good results once again confirm the effectiveness of the Group’s business diversification,” said Wiesław Klimkowski, President of the Management Board of PCC Rokita.
The Group owes such good results mainly to the record results in the segment of Polyurethanes. The segment’s EBITDA increased by over 430% compared to the same period in 2020, with sales revenue increasing by nearly 56%.
“We recorded a very strong demand for polyether polyols with a limited supply of polyols in the market throughout the first quarter in the Polyurethanes segment. Our production has been unable to match the demand. The consumer trends from the final months of 2020 related to significantly increased spending on home furnishings continued. High demand was recorded in the furniture industry, which is the focus of the Polyurethanes segment,” said Rafał Zdon, Vice-President of the Management Board of PCC Rokita. “Very high sales were also supported by growing online sales.”
EBITDA increased by nearly 16% compared to Q1 2020 in the Chlorocarbons segment, which is the result of increased sales of chlorocarbon products and higher sales volumes of soda lye and caustic soda, despite continued low alkali prices.
The very good results generated by the Group were supported by the results of the other chemical activities segment. EBITDA nearly doubled compared to the first quarter of 2020, mainly due to the high revenues and margins. Both the turnover volume and the financial results achieved reached record levels. This was influenced by two main factors. Primarily, the favourable situation in the competitive environment in the phosphorus-derived products industry continued, the first signs of which could already be seen in the fourth quarter of last year. The second key factor was the steadily increasing sales of highly specialised additives.
“The strategy of developing our presence in industries requiring specialised products has been consistently implemented for a long time, and in recent months we have recorded a significant acceleration in this area,” added Wiesław Klimkowski. “Sales are supported by new volumes from the investment in a new pilot line completed last year, thanks to which new innovative products can be created.”
The new installation has gradually been increasingly utilised during the first quarter of this year, and is now operating at almost its nominal potential. In parallel, works on additional optimisations are in progress to achieve the full planned capacity. The company does not rule out that for success in all operations and elimination of bottlenecks, and ultimately it will be possible to increase the production capacity of this installation above the originally planned capacity.
“In addition to investments increasing the production capacity of the installation, the construction of the Centre for Process Innovation and Scaling is also important for us at the moment. We plan to build an application laboratory with a scaling hall and a warehouse, as well as R&D related infrastructure to conduct application research,” said Rafał Zdon. “Thanks to this investment, today’s laboratory space will almost triple ultimately.”
PCC Rokita is a manufacturer of speciality chemicals and industrial formulations. It is one of the leading chemical companies in Poland and Europe. Since 2011, PCC Rokita has been issuing bonds introduced to trading on the regulated market of the WSE – Catalyst. The company’s shares have been listed on the WSE since 2014. PCC Rokita is a company operating within the international PCC concern headed by the European PCC company with its registered office in Duisburg. The PCC Group is expanding into international markets in the Chemicals, Energy and Logistics divisions and boasts approx. 3,300 employees in 18 countries.
