June 8, 2023


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The pearl in Sebastian Kulczyk’s crown broke a record. Profits increased sixfold

332.4 million PLN net profit. This is the Ciech Group’s current quarterly record, set at the end of last year. this 470 percent more each year (5.7 times more) and 43 percent more. than the average forecast of stock market analysts, according to data from the company’s financial report published on Friday.

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Throughout 2022 Ciech received up to PLN 566 million on a consolidated basis. This is not a record, but the second result in history, because it was better in 2016 (593 million PLN), but this is definitely not a cause for concern for the company’s shareholders, on the contrary, because the result is twice as high. on an annual basis (in 2021 it amounted to PLN 281 million). However, it has a dominant position among shareholders KI Chemistry in Luxembourg, owned indirectly by Sebastian Kolczyk, with a stake of 51.1 percent. Ciech capital and the number of votes.

Despite earnings rising above analysts’ expectations, the stock market isn’t reacting with much enthusiasm. Sikh shares fell by 0.65 percent. Well, but with WIG20 down more than 2 percent. On Friday this could be seen as a “relatively positive” reaction from investors.

Sebastian Kulczyk: Best year ever

“Despite the economic and geopolitical challenges, it was the best year in the history of the group, as its EBITDA exceeded PLN 1 billion for the first time,” comments Sebastian Kulczyk in the report. He added that the strategy that was successfully implemented continues in the new development plan set for the years 2022-2024, which is set to be the next stage of building a modern chemical group with a global reach.

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What is surprising about Sheikh’s report? In particular, the main part of the activity, namely the production of soda products, is mainly used for the production of glass, detergents, in the metallurgical industry (soda ash), in the production of feed, soft drinks, medicines and cosmetics (baking soda). “The favorable order situation allowed the group to do so Translating increased costs of soda products to customers. As a result, the soft drink segment generated record revenue in the group’s history,” Ciech’s annual report states.

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