The EQUNICO Group's good financial results for the first half of 2024 confirm the positive effects of the transformation

04.10.2024

The EQUNICO Group's good financial results for the first half of 2024 confirm the positive effects of the transformation

The EQUNICO Group (formerly RESBUD), which changed its name on September 24, 2024, achieved operating income of PLN 56,6 million, operating profit of PLN 4,3 million and net profit of PLN 1,3 million in the first half of this year. The results achieved suggest that the steps taken by the Group are bringing real results, and EQUNICO SE has a solid foundation for further development and strengthening its position on the market. The transformation concerns not only the reorganization of the structure, but also a change in the approach to customers and innovation, which may result in lasting benefits in the future. The directions of this development were presented in the "EQUNICO SE Development Strategy for 27-2024" published on September 2024, 2026.

Selected financial results of the Group in the first half of 2024:

- sales revenues and other operating income of the EQUNICO Group reached PLN 56,6 million, which is a significant increase compared to the previous year. It should be noted that this increase took place on a relatively low base, which was the effect of the restructuring and transformation of the Group in the first half of last year. Such a context highlights the difficulties that could have affected the financial results in the previous period, and also indicates positive signals regarding the improvement of the financial situation in the current year;

- operating profit of PLN 4,3 million confirms significant improvement compared to the loss of PLN 40,7 million in the same period last year. It should be emphasized that the previous loss was mainly the result of a write-down related to contracts concluded by RESBUD SE, which led to obtaining a controlling stake in Elektrqishloqqurilish JSC;

- The EQUNICO Group achieved a net profit of PLN 2024 million in the first half of 1,3, which is a significant improvement compared to the net loss of PLN 37 million in the same period of 2023. The improvement in financial results is the result of operational and strategic changes and other restructuring activities that contributed to the stabilization and increase in the Group's profitability. The causes of previous losses were influenced by various factors, such as changes in the transaction market, operating costs or significant one-off charges. The EQUNICO Group gains confidence in further development, thanks to the positive trend in financial results.

In the past half-year, the Management Board of EQUNICO SE focused on the restructuring and development of Elektrqishloqqurilish JSC, whose controlling stake was acquired in September 2023. This company, headquartered in Tashkent, is one of the leading contractors in the field of construction of power grid facilities in Central Asia. The Uzbek company won new contracts thanks to the implemented activities, which contributed to the improvement of its financial results. Control over Elektrqishloqqurilish JSC, considered the largest Polish investment in Uzbekistan, opens up opportunities for EQUNICO SE to increase the Group's revenues in the coming years.

An important investment that improved the efficiency and quality of concrete production was the purchase of machines and equipment for the Concrete Products Plant in Quvasoy.

In the past six months, Elektrqishloqqurilish JSC continued to implement projects entitled "Construction of a 110 kV overhead line and the structural part of the 110/35/10 kV Suffa substation as part of the wind power plant construction project in the Zomin tourist and recreation zone". The project implemented by "ELEKTRQISHLOQQURILISH" is an innovative investment aimed at improving the energy infrastructure in the particularly difficult mountainous conditions in Uzbekistan. The closed-type power station, built at an altitude of 2400 m above sea level, is part of a broader plan for the development of tourism in the region. Located on the Suffa plateau in the Zomin National Park, the station aims to provide stable power supply for the new tourist resort, which is planned as an international, year-round resort. The company also dealt with the project entitled "Construction of the 500 kV HPP-20 overhead line - Koltsevaya substation, Koltsevaya substation - Tashkent station".

In addition, during the period under review, Elektrqishloqqurilish JSC resumed production of complete steel towers for lighting industrial and infrastructure facilities and used in the telecommunications sector. An agreement was also signed with the Chinese manufacturer of electrical equipment - ​​Sieyuan Electric Co., Ltd. on establishing partnership relations and developing cooperation in the supply of power equipment and other innovative products to the territory of the Republic of Uzbekistan.

A significant increase in revenues and profits was recorded by the Polish company Uniwersim, which produces mineral-bituminous masses for the construction of all structural layers of road surfaces. On the other hand, the deadline for the implementation of the construction project in Switzerland entitled "Reconstruction of the existing hotel into apartments together with the modernization of the accompanying infrastructure", as part of the general contracting by the Polish company Conpol, was extended for administrative and design reasons.

The company, thanks to the introduction of new strategies and the optimization of operational processes, managed to improve its efficiency and competitiveness on the market. The results for the first half of this year indicate that the actions taken are bringing measurable effects, and the EQUNICO Group is on the right track to further development and strengthening its position in the industry.

"We are convinced that these are solid foundations for the geographical expansion of our Group into new markets of the European Union and Asia, and the changes introduced will bring tangible financial effects both for the Group and all shareholders," emphasized Krzysztof Długosz, President of the Management Board of EQUNICO SE.

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