May 18, 2021

23% growth at the end of Q1 20021

Promateris Group has ended the first quarter of 2021 with EUR 7.1 million in consolidated sales, a growth of 23% compared to the same period of last year. Such growth is mainly a result of an expanding portfolio of bio-based and compostable products, as well as an ever-developing network of clients.

Promateris Group has ended the first quarter of 2021 with EUR 7.1 million in consolidated sales, a growth of 23% compared to the same period of last year. Such growth is mainly a result of an expanding portfolio of bio-based and compostable products, as well as an ever-developing network of clients. Thus, Promateris is consolidating its position as a regional leader in solutions and products with a reduced environmental footprint, designed for the retail segment.

With an EBITDA of EUR 930.000 Promateris Group closed the first quarter of 2021 with a 7% increase compared to 2019. The Group aims to have a turnover of EUR 50 million in 2025, with a forecasted EBITDA of EUR 7 million.

·       23% increase in turnover (compared to QI 2020)

·       7% increase in operating EBITDA (compared to QI 2020)

The positive outcome of this quarter has been a result of the company’s growing turnover, but also of operational optimisations undertaken by the company. The results highlight the beneficial impact of „green economy” investments, which are enabling the company to undergo accelerated growth and reach its financial and sustainability targets.

Undoubtedly, the first quarter of 2021 was still under the influence of this global health crisis we are all facing. Despite having to deal with unusual circumstances, the Promateris team has risen to the challenge and we have shown that we can grow even in a more complex environment, with many unknown variables. As before, our priority was to ensure the health and safety of our employees, collaborators and clients. Every decision was taken with an emphasis on our social responsibility for our employees, for the local communities and with the determination to make further steps towards sustainability and innovation.

For 2021, our aim is to maintain the accelerated rate of growth achieved in recent years, by undertaking strategic investments, allowing us to increase our client portfolio and develop new products. Furthermore, over the next years, we are determined and motivated to achieve environmental, social and economic progress for the company and for all stakeholders involved in our activities, Tudor Georgescu, CEO Promateris.

The company will continue to invest in production capacities by expanding its production areas, purchasing state of the art equipment, providing specialized training to the employees, as well as endowing the R&D department, which is constantly striving to develop new products with a low environmental impact. In the first quarter of 2021, Promateris has received non-reimbursable funding of EUR 774,000 from Iceland, Liechtenstein and Norway under the SMEs Growth Romania Programme, part of the EEA and Norway Grants 2014-2021. The scope of the project is to produce biodegradable and compostable raw materials, using corn starch. This will enable us to help local producers become more competitive and less dependent on external producers, while adding value to the local bio-economy by using locally sourced corn starch. This marks the second development project financed by the EEA and Norway Grants.

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