- Sunex Group’s revenues amounted to over PLN 89.1 million in the first half of 2024, compared to PLN 188.7 million year-on-year.
- Net loss in the first half of 2024 amounted to PLN 13.7 million, compared to a net profit of PLN 19.5 million year-on-year.
- Results were negatively impacted by the weakening market conditions in the renewable energy sector (RES). The launch of attractive funding programs for heating devices in Germany was also delayed.
- In anticipation of economic recovery and increased demand for heating devices, the company is focusing on executing previously planned investments and reorganizing its operations to improve efficiency and increase production automation.
– The first half of this year was challenging and very difficult, mainly due to weak market conditions in the renewable energy sector. Additionally, the launch of grant programs for heating devices in Germany – our most important market alongside Austria – was delayed. The situation began to improve slightly in the second half of the year. Orders have started to come in, especially in Austria, where they are at record levels. This will be reflected in our results, but not until 2025. At that time, we should see both sales growth and higher margins, positively influenced by investments made in recent months, including acquisitions in Germany and Austria – said Romuald Kalyciok, CEO of SUNEX.
In April 2024, the CEO of SUNEX purchased 100% of shares in the German installation company Drolsbach, which was contributed to the company in September. In July, SUNEX acquired 7.9% of shares in the Austrian installation company SA-Energietechnik. The remaining shares will be purchased in three stages by 2027 for a total of EUR 1.9 million.
– We are currently focusing on building a sales network in Germany, where we have new salespeople, and we aim to gain more direct access to end customers without intermediaries. We are expanding our product range and introducing new products in Austria. We are also seeing a revival in Poland in municipal tenders, where funds from the National Recovery Plan (KPO) are being used to finance RES investments. In several such tenders, our offers were recognized as the most advantageous. We hope to be able to sign contracts shortly – added Romuald Kalyciok.
In the first half of 2024, SUNEX recorded PLN 89.1 million in consolidated revenues (-52.8% year-on-year), and a net loss of PLN 13.7 million compared to a net profit of PLN 19.5 million in the same period last year.
| (data in thousand PLN) | H1 2024 | H1 2023 | Change |
| Consolidated revenues | 89,070 | 188,656 | -52.8% |
| Standalone revenues | 51,990 | 146,441 | -64.5% |
| Consolidated gross profit from sales | 14,283 | 43,715 | -67.3% |
| Operating result (EBIT) | (13,573) | 24,054 | – |
| Net result | (13,732) | 19,490 | – |
– Foreign sales accounted for 86% of our revenues in the first half of this year, similar to the same period last year. Although we recorded significant order growth in the Austrian market due to attractive subsidies for heating systems, it has not yet offset the delays in orders from Germany. In response to the weak RES market, we have implemented measures aimed at stabilizing our operations, including reorganizing production lines, improving warehouse and logistics processes, and reviewing and optimizing all expenditures – said Marek Kossmann, member of the management board and CFO of SUNEX.
SUNEX’s total production and warehouse space exceeds 24.8 thousand square meters. Among the properties are recently purchased halls from Mavex – Rekord, where parts of tanks, including composite tanks, will be manufactured.
– The RES sector, which is feeling the effects of the economic slowdown, remains highly promising in the long term due to the implementation of the European Union’s climate policy. Interest in RES installations will continue to grow, and we hope this will become clearly visible in 2025. We will be ready for that – added Marek Kossmann.
SUNEX has completed a project to develop an Autonomous Heating System based on RES, which received PLN 8.2 million in funding from the National Centre for Research and Development (NCBR). The plan is to introduce components and a complete heating system to the market.
In August, the company signed an agreement with NCBR for funding the project “Development and implementation of a sustainable, proprietary technology for the production of composite DHW tanks used in heating systems based on RES.” The total value of the project is PLN 44.6 million, with funding of PLN 15.2 million. The goal is to conduct industrial research and development work to bring innovative composite domestic hot water tanks to market – an economical and ecological alternative to commonly used steel tanks.
Source: https://managerplus.pl/wyniki-grupy-sunex-za-i-polrocze-2024-r-11039
