Cabka N.V. reports 11% decrease in sales, but sees growth in key segments

From GlobeNewswire: 2024-08-13 01:45:00

On August 13, 2024, Cabka N.V. reported its 2024 Half Year results, with sales of €92.3 million, showing an 11% decrease from the previous year due to soft market demand and lower prices in Q1. The company noted a growth in its Portfolio and Customised Solutions segments in Europe, while facing challenges in its Contract Manufacturing business.

Gross profit from operations stood at €46.6 million, with a margin of 50.5% over sales. The net result amounted to €-1.9 million, driven by lower sales performance in Q1. The company managed to control its Net Working Capital at €38.6 million or 20.0% of sales, with a focus on cost-saving initiatives to improve operational efficiencies and boost sales.

Alexander Masharov was appointed as CEO of Cabka on August 1, 2024, emphasizing the company’s strong foundation and dedication of its team. Despite challenges in some end markets and intentional price reductions impacting Q1 sales, Cabka saw a recovery in Q2 sales and a growth in key segments in Europe and North America. The company expects sales in the range of €180-185 million for the year.

In the first half of 2024, Cabka saw a decline in EBITDA from operations by 23%, while net income from operations decreased by 165%. The company aims to enhance its operational efficiencies and maintain its commitment to transforming plastic waste into useful RTP solutions. Cabka’s share price closed at €3.84 on June 30, 2024, and the proposed distribution for Full Year 2023 of €0.15 per share will be paid on August 16, 2024.



Read more at GlobeNewswire:: Cabka 2024 Half Year: Major improvement in operating