Masterplast achieved a record price income of 22.07 million euros in the first quarter, which with a 19 percent growth significantly outstripped the growth rate of previous quarters. In the favourable environment, the company could increase its price income on every market, in which a key role was played by the result attained in Hungary, the market with the greatest weight for the company group, where turnover grew by 28 percent alongside lively demand. The company’s income expanded in all product groups, with the sales of products associated with facade insulation systems growing to the largest extent.
In the Subotica plant, upgraded in recent years with an investment of several million euros, production efficiency further improved, which had a positive effect on the successfulness of the whole company group. Besides this, the financial result also showed improvement to a significant extent, which is attributable in part to the favourable exchange rate effects, in part to the lower foreign exchange exposure (sale of Russian subsidiary last year).
Thanks to the larger price income, as well as more efficient production and operation, Masterplast’s operating profit approached 400 thousand euros in the first quarter, which meant expansion of close to 50 percent when compared over the year. Examining the after tax profit the growth was even more spectacular, which was 238 thousand euros in the January-March period, or more than four times that of one year earlier.
“Our outstandingly good results in the first quarter are further confirmation that we are on the right track for meeting our strategic goals. The capacity increases from the investments made in recent years provide a good basis for exploiting the opportunities of the expanding market. The constantly growing turnover, the improving production and operating efficiency support increasing our profit-creating ability too. We are also expecting a fundamentally positive branch environment and further growth in the second quarter. Although the withdrawal of the VAT reduction, expiring at the end of the year, will have an effect on the launching of new investments, the completion of projects carried over from last year, as well as the expanded CSOK starting in summer could give us lots of opportunities” – declared Dávid Tibor, president of Masterplast Nyrt.
The largest Hungarian owned construction and insulation material manufacturer in the region, after the profits of last year, will pay a dividend of 24 forints per share based on the decision made at the company’s AGM. In the coming period, the company’s management is expecting an expansion with respect to the after tax profit, even exceeding the growth in price income, thanks to which they plan to pay dividends of constantly increasing amounts in the coming years.
Founded in 1997, the Masterplast group is one of the leading building material producer and distributor companies in the Central Eastern European region. The company group owns subsidiaries in 10 countries, and sells products in a further 30 countries. The company is registered in the premium category on the Budapest Stock Exchange, and had revenue of 201,8 million euros in 2022.