Frigoglass showed a 50% increase in sales in the third quarter of 2021.
According to an announcement, sales increased by 50% as a result of the strong recovery in demand in both activities, as well as the low benchmark.
More specifically, the main data of the third quarter of 2021 are the following:
– Acceleration of growth of sales of the Glass sector on a neutral exchange rate. Sales increased by 72% compared to last year and by 52% compared to the pre-pandemic third quarter of 2019, due to strong demand and price increase initiatives in all activities
– Improvement of the EBITDA margin by 340 basis points to 13.7%. The increase in sales volume and prices outweighed the impact of external factors, such as rising raw material and shipping costs and the devaluation of the Nair.
– Advance payment of EUR 15 million in September from the co-insurance scheme for the fire incident in Romania
– Successful increase in production in Russia within the quarter and start of operation of an assembly line in Romania in early October, with the aim of reducing the impact of the fire
– The reconstruction phase of the Romanian plant started in September, according to the project schedule and our estimate for its reopening in the fourth quarter of 2022
– € 77.9 million in cash and € 11 million in available credit lines at the end of September, sufficient to cover short-term financing costs and capital expenditures, as well as to finance working capital during its seasonally strong first half 2022
Frigoglass CEO Nikos Mamoulis commented: “We have achieved strong performance despite the challenges associated with rising costs and the impact of the fire in Romania. With market trends remaining favorable in October, we expect in 2021 to achieve double-digit sales growth and improve the EBITDA margin. “We are focusing on implementing the business continuity plan to meet demand during the seasonally strong first half of next year, on the timely start of construction work in Romania, and on measures to offset rising costs.”
