TORPOL Capital Group with a record high net profit in 1H2021

TORPOL generated over PLN 20.3 million in consolidated net profit in the first half of this year (an increase of 45.4 per cent y/y). This is the highest half-year result in the history of the Group. Sales revenues of the TORPOL Group amounted to PLN 491.0 million (-16.6 per cent y/y), while operating profit amounted to PLN 27.5 million (an increase of 37.9 per cent y/y). At the end of June this year the order portfolio of the TORPOL Capital Group (excluding shares of consortium members) amounted to approximately PLN 1.2 billion exl. VAT. The weighted average, long-term gross profitability of the order portfolio is approx. 6.5-7 per cent.

The company is in very good liquidity and financial condition, as evidenced by a record cash position of over PLN 0.48 billion (compared to PLN 0.4 billion at the start of 2021) and no net debt.

– “We have had a successful half-year, reflected in the highest ever net profit generated in the first half of 2021. Despite lower revenues than last year, the Group continued to increase its gross sales margin, thanks to the settlement of projects with profitability higher than expected, in the last six months, and efficient execution of profitable port contracts. The results presented also confirm the effectiveness of our business model. TORPOL Group is able to generate positive financial results in a very demanding and competitive market. I am optimistic about the coming months. In my opinion, after launching the proceedings from the new perspective and NRP [the National Recovery Plan], the TORPOL Group has all the arguments to maintain this year’s trend and set new records” –  emphasizes Grzegorz Grabowski, the President of TORPOL S.A.

The Company actively and effectively participates in current tender procedures. – “We are looking forward to the final results of the already announced tenders and, most importantly, to the earliest possible announcements of further tender proceedings from the new perspective by our main client. TORPOL has healthy and strong business foundations: a high level of cash on account, no net debt and a high level of available guarantee limits. Qualified and experienced staff, one of the most modern machine parks in the country and unique references constitute our strength in the context of order execution and effective competition in announced tenders,” mentions president Grzegorz Grabowski.

This year, the Company paid out a record high dividend of PLN 35.1m (1.53 per share). The dividend yield was approximately 10.5%, which was one of the highest ratios in the construction sector and the whole market. – TORPOL is a dividend company, standing out in this respect against the competition and the wider market. We appreciate our shareholders by sharing our profits with them every year,” – added President Grabowski.

In the first half of 2021, at the unconsolidated level, TORPOL S.A. generated PLN 450.1 million in sales revenue, while EBIT amounted to PLN 26.1 million, and the net profit stood at PLN 19.1 million.