ECONOMY AND MARKET
Sirmax Exceeds € 500 Million in Revenue
The board of directors of Sirmax Group has also approved the budget figures for 2022 and the figures for the first quarter of 2023 . The 2022 fiscal year concluded with a revenue surpassing the € 500 million threshold , reaching € 501 million . This represents an increase of over 7 % compared to € 467 million in 2021 . The EBITDA stood at € 30 million . The best-performing regions were Brazil , with a 50 % sales growth primarily attributed to the acquisition of new market shares in the automotive sector , and India , which saw a 30 % increase in sales across various sectors including automotive , household appliances , and tools . In both cases the company is reaping the fruits of significant investments made in research and development . Furthermore , the green segment ( consisting of recycled compounds and bio-compounds ) is gaining importance within the business units , accounting for 10 % of sales in 2022 . The production capacity is already in place to support the expected growth in this segment driven by market demands . As for the first quarter of 2023 , the figures are in line with the forecasts . Approximately 60,000 tons of products were sold , generating sales of € 115 million , and the EBITDA stands at around € 8 million . The automotive sector experienced a 12 % growth in the first quarter of 2023 , and sales quantities are projected to double over the next three years . “ For Sirmax , 2022 was a year divided in half ,” commented Massimo Pavin , president and CEO of Sirmax Group , “ The first half of the year showed a highly positive performance . However , during the second half , we faced challenges such as increasing energy costs , inflationary pressure , resulting in a slowdown in investments . Additionally , there was a decline in demand for durable goods like household appliances . Despite these circumstances , we managed to maintain our market share . 2023 will be a transitional year , as we wait for a more structured recovery in 2024 . The automotive market has shown signs of rebounding , with a growing demand for components containing recycled plastic parts . Our focus lies on the development of our new businesses , particularly in the realm of circular economy , an area in which we have made significant investments . We are also closely monitoring the supply of performance compounds for electric car battery boxes , a rapidly expanding segment . Our fully localized value chain , ongoing research in sustainable products , and injection molding services will serve as our true competitive advantages in the coming 5 years . Ahead of the new appointments , Sirmax ’ s board of directors launched the new 2023-2025 business plan , while simultaneously preparing the final report for 2022 . In the next three years , the company – which manufactures polypropylene compounds , engineering plastics , post-consumer compounds , and bio-compounds – will continue developing along the same lines .
Massimo Pavin , president and CEO of Sirmax Group www . plastmagazine . it