Masterplast earnings climb on construction industry upswing
Fourth-quarter net income of listed Hungarian building materials maker Masterplast rose 16% year-on-year to EUR 1.808 million boosted by strong demand for its core business's products, state news wire MTI reports, citing an earnings report published ahead of the opening bell on Thursday.
Sales revenue increased 39% to EUR 45.389 million.
"Continuous progress of construction performance in the fourth quarter and industry demand increased in most of the company's markets - in many cases boosted by state subsidies and incentives," Masterplast said. "Rising energy prices stimulate further demand for efficient insulation solutions," it added.
It noted that sales of thermal insulation, which generated 45% of turnover, jumped 68%.
Sales of "industrial applications", which include Masterplast's personal protective equipment business, increased 10% to EUR 8.323 mln.
Masterplast entered the personal protective equipment business in 2020, ahead of the second wave of the pandemic, with the acquisition of a German fleece maker with business partners in both the construction and the healthcare industries.
Operating rose a more moderate 7% to EUR 2.251 mln, hit by a tax payment at Masterplast's Romanian unit which the company is in the process of appealing.
Earnings per share came to EUR 0.13 for the quarter.
Masterplast said a stable supply chain, completed and ongoing investments, a strong financial background, and an "agile organizational culture" provide a "stable base" for its sustainable growth.
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