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ONDE: increasing profits and backlog

The first six months of 2023 bring a significant improvement in performance for ONDE. The backlog that is 30 percent higher than last year also fills us with optimism.

In the first half of 2023, the listed company specialising in construction of RES system achieved the income of PLN 500,6 million, i.e., five percent less than in the same period of the previous year. At the same time, ONDE improved its performance at all levels. The operating income was over 2.5 times higher than in the 1st half of 2022 and amounted to PLN 18.4 million, and the net profit amounted to PLN 12.5 million, versus PLN 1 million a year ago.

The positive performance and income in the first half were mainly influenced by results of the second quarter of 2023. In that period, ONDE generated EBIT of PLN 22 million and the net profit of PLN 17 million. It resulted, among others, from the sale of “Cyranka”, the first 18 MW PV project executed for own needs.

Analysing our performance, it should be noted that after the beginning of the year which was difficult for us, the second quarter brought about a significant recovery. At the end of the first half of 2023, all our business lines recorded a profit at the EBIT level. At the same time, we increased profit margin on sales Y-o-Y. Currently, we also have over PLN 790 million of backlog in executions, that is, over 30 percent more Y-o-Y, and this is, obviously, an excellent prognosis for the remaining part of the year’, emphasises Paweł Średniawa, the ONDE SA President. ‘In the finished period, we made a quantum leap forward in implementation of strategy, by selling Cyranka, our first PV project executed under the Develop, Build & Sell formula. This way, not only we added a significant amount to our profit, but also demonstrated our efficiency in this area’, adds Paweł Średniawa.

We would like to note that “Cyranka” is a project consisting of two photovoltaic farms, Giżycko 1 and Giżycko 2. The system was purchased by ENGIE Zielona Energia, a member of the global corporation ENGIE.

We used funds from the sale partly to purchase two special purpose vehicles owning PV farm projects of a potential of 19 MW and 4 MW of installed capacity, respectively, both located in the Dolnośląskie voivodeship. We hope that the end of this year and the next year will see the acceleration in this pillar of our business’, adds Paweł Średniawa.Currently, our developer portfolio amounts to nearly 900 MW, including 400 MW of highly advanced projects. Due to stabilisation in energy and components markets, budgeting and execution of those projects are currently much more foreseeable and safe’, adds Paweł Średniawa.

At the beginning of this September, Mr Marek Marzec, a manager with 23 years of experience in RES development, joined the ONDE Management Board. He will be responsible for performance of the ONDE strategy in this sector.