ELQ Group from Częstochowa, a leader in the production of transformer substations for renewable energy sources, in the second quarter of 2020, recorded a significant increase in consolidated net profit. It amounted to approximately PLN 517.8 thousand and is higher than the net profit for the same period in the previous year by more than PLN 160.4 thousand. It gives a growth dynamics of 145 per cent.
The result is also better than that achieved in the first quarter of this year. – The improvement of results in the second quarter, compared to the first quarter of this year, is the effect of a more substantial advancement in the implementation of concluded contracts. This trend should continue until the end of this year – said Krzysztof Zawadzki, CEO of ELQ S.A. Management Board.
In the first half of 2020, ELQ Group recorded a drop in sales revenue value by about PLN 4.85 million compared to the same period last year. The consolidated net profit for the first half of 2020 amounted to approximately PLN 38.89 thousand.
The level of revenue and net profit in the first half of the year, compared to the same period a year earlier, is primarily due to the different distribution of orders for 2020 and the resulting production schedule. This is confirmed by the portfolio of orders for the current year, which is reflected in the company’s inventory, and above all, in the received advance payments for supplies and services. They are higher by almost 20 million PLN compared to the same period last year – explains the CEO Krzysztof Zawadzki.
The company’s board believes that the dynamic development of RES in Poland, signed agreements, and letters of intent will affect the rapid growth of the company and will improve financial results in the second half of 2020.