Amica white goods records PLN 1.25 bln revenues in H1, down 13 pct; net loss shrinks to PLN 1.2 mln

Listed white goods producer Amica's revenues fell by 13 percent in the first half of 2024 to PLN 1.25 billion (EUR 293 mln) and the net loss declined to PLN 1.2 million (EUR 281,280) from PLN 4.2 million (EUR 984,480) in the prior year period, the company said in a press release.

Amica reported that lower demand was recorded in all major product categories and in all major geographic markets outside Poland, where sales of products and trade goods increased by 2 percent year on year.

"In the first half of 2024, we faced the deepening downturn faced by the entire European white goods industry. Workers' wages were higher than a year ago, and importers of goods from the Far East are certainly not being served by the blockade of the Red Sea to commercial shipping. Our response to the changes in the environment is the new 'Back to Profitability' strategy that we are just announcing," said Amica's deputy CFO Michal Rakowski, quoted in the press release.

"We have done work on working capital and balance sheet structure, so that despite lower operating results we have a healthy balance sheet and safe ratios. For example, net debt to EBITDA fell to 1.4 at the end of June this year, and the RONA ratio, showing return on net assets, remained above 9 percent," he added.

In the first half of 2024, Amica group saw EBITDA fall by 32 percent to PLN 43.5 million (EUR 10.2 mln), operating profit by 62 percent to PLN 14.4 million (EUR 3.4 mln) and gross profit by 59 percent to PLN 1.1 million (EUR 257,840).

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