Selena, one of the world’s leading distributors of construction chemicals and one of the world’s four largest producers of construction foam, ended the year with a significant increase in its financial results. This shows that the group is in good shape, despite the unfavourable economic situation that persisted throughout the year. The Group’s gross profit amounted to 24.9 million euros, an increase of 103.7% over the previous year. The gross margin was 33.9%, compared with 30.9% in 2023. The operating profit (EBIT) of the Selena Group in 2024 was 33.8 million euros, an increase of more than 40% compared to the previous year.
In 2024, the Selena Group, like other companies in the construction sector, was faced with a great deal of uncertainty caused by unfavourable macroeconomic factors and the effects of the difficult situation in the Polish housing industry. According to the data published by the Central Statistical Office at the end of March, the number and area of completed flats fell by 9.4% and 10.3%, respectively, year on year. Construction and assembly production also showed a downward trend last year. Factors influencing this situation include high inflation and interest rates, and consequently high mortgage costs, as well as months of uncertainty about the government’s housing programme.
Growth in the face of economic instability
A prudent management policy, based on optimization and active response to economic factors, allowed the Selena Group to strengthen its market position in the construction chemicals sector. The net profit from continued operations amounted to 20 million euros, which, compared to 11.1 million euros achieved in 2023, means an increase of over 80 percent y/y. In turn, the operating profit (EBIT) of the Selena Group in 2024 amounted to EUR 33.8 million, an increase of more than 40% year-on-year. The financial results achieved in 2024 testify to the stable condition of the Selena Group and the consistent implementation of the established goals and directions of business development.
Significant strengthening of the Management Board The changes to the Selena Group
Management Board in 2024 were also significant in terms of achieving the company’s objectives and development strategies in terms of diversification, both geographically and in terms of products. Appointed Chief Commercial Officer in March 2024, Walter Brattinga is responsible for developing and implementing the Group’s commercial strategy to strengthen its global market position. Andrzej Zygadło, appointed Chief Corporate Development Officer in September 2024, is responsible for setting the course in the area of mergers and acquisitions (M&A) and implementing acquisition targets in order to increase the Group’s market share and profit growth. – Corporate development through mergers and acquisitions is one of the key areas, especially during an economic downturn – comments Sławomir Majchrowski, President of the Management Board of Selena Group. “The highly competitive market and the uncertain macroeconomic situation, and in recent months also the geopolitical situation, oblige the Management Board of Selena Group to maintain proactive measures that will allow us to successfully continue to grow the business in 2025,” adds Sławomir Majchrowski.
Good capital ratios as motivation to continue the chosen strategy
The financial results achieved in 2024 confirm that the objectives and directions of business development adopted by the Selena Group are correct and will be continued in the coming years.
Therefore, the main focus of the strategic objectives for 2025 will continue to be diversification in the broadest sense, with mergers and acquisitions being an important tool for increasing the scale of operations, margins, expanding presence on global markets and improving Selena’s competitiveness. The Polish industry leader’s main acquisition targets will remain Western Europe and the Americas. In terms of product diversification, we will focus on adapting our portfolio to local end-user needs, especially in the segment of thermal modernisation and waterproofing solutions, as well as technologies for improving the energy efficiency of buildings,” concludes Sławomir Majchrowski. In this segment, we see the prospects of an upturn in the construction sector, for example, in connection with the reactivated government programme “Clean Air”, which has been modified since April, or the disbursement of funds from the National Reconstruction Plan, a significant part of which will go to investments in sustainable transport, transformation and energy efficiency – adds the CEO of the Selena Group. The Selena Group will also continue to be active in the field of marketing, including on foreign markets, because without active promotion of quality Polish products abroad, it will be difficult to increase the company’s share of the European market.
