Ferro Group reported a net profit of PLN 17.5 million for the parent company in the first quarter of 2023, compared to PLN 21.4 million profit a year earlier.
The company's result turned out to be better than expected as analysts surveyed. Ferro's board of directors is recommending a dividend payment of PLN 31.86 million, which translates into PLN 1.5 per share. The amount of PLN 32.13 million from the 2022 profit is to be allocated to reserve capital.
The Group stated that the first-quarter results for 2023 reflect the impact of changes in consumer sentiment, a slowdown in the construction sector, and a reduction in purchasing power, primarily in the Polish market but also in other markets in the CEE region. Additionally, holding back purchasing decisions in the heat source segment was caused by an unclear policy regarding the future use of gas.
Ferro Group manufactures and sells sanitary, plumbing, and heating fixtures, as well as sanitary equipment, under its own brand and customer brands.
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