ONDE: margins increased strongly after three quarters of 2023
During nine months of this year, the Company generated the operating profit of PLN 35 million, i.e., 3.5 times higher than in the same period of 2022. The net profit increased over ten times, to PLN 23.2 million.
There is no trace of the difficult first quarter in the ONDE results. The leading constructor of RES solutions in Poland, rapidly increased its profitability and after nine months of 2023, reported over PLN 35 million of EBIT and PLN 23.2 million at the net level. They are several times higher than was achieved in the same period a year ago. In the second and third quarter, ONDE generated over PLN 38 million of EBIT and over PLN 28 million of net profit in total. These good results are mainly attributable to a significant improvement in profitability, because the Company’s revenues in nine months of 2023 were around PLN 839 million, i.e., 2.3 percent higher than in the similar period of 2022.
‘In the first quarter, we continued to execute contracts budgeted before the times of soaring material prices and huge inflation rates. In the subsequent two quarters, the situation, and our margins with it, became stabilised. Our developer activities, i.e., the sale of “Cyranka” PV farm, also contributed to the result,’ reminds Paweł Średniawa, President of the ONDE SA Management Board.
‘We used the resources from this sale to purchase two special purpose vehicles with projects of PV farms that are practically ready to be implemented, of the potential installed capacity of 19 MW and 4 MW, respectively. Currently we are finalising negations concerning bank financing of their constructions,’ adds Paweł Średniawa.
At the end of September 2023, the ONDE portfolio of internal orders also included a previously signed contract, but the information about it was provided after a balance sheet date. It concerns the largest contract in the RES sector in ONDE history, for construction of wind farms of the total capacity of 138.6 MW for ZE PAK, for ca. PLN 357 million net. The total backlog of the company amounts to ca. PLN 919 million, i.e., 30 percent more than a year ago. However, when we consider only the RES contracts, of crucial importance for the company, it increased by as much as 90 percent, to PLN 770 million.
‘The backlog value, and the dynamics of its increase form solid revenue foundations both for the end of this year, and for the coming quarters. The market waits for positive changes in the legislative environment and initiation of investments financed under the National Recovery Plan. Therefore, we can look with optimism at perspectives for ONDE development in the nearest future’, concludes Paweł Średniawa.