08 April 2022

Commentary of Leszek Gołąbiecki, president of Unibep SA on the results of Unibep Group for 2021

Komentarz Leszka Gołąbieckiego,

PLN 47mln (increase by 27% y/y) of net profit, with sales at the level of PLN 1.7bln (increase by 2% y/y) and the backlog of orders in construction and infrastructure segments makes approx. PLN 3.5bln: These are the results of Unibep Group for 2021. These are historical results achieved in difficult and demanding business conditions. The company has just published its annual financial report for 2021.

„The year 2021 will be remembered as an extremely demanding time, involving high incidence of COVID-19 cases in Poland and worldwide, but also associated with the lack of availability of materials and services, rapidly rising prices and changes in the labour market” wrote Leszek Gołąbiecki, President of the Management Board of Unibep SA, in the commentary to the annual report which was published on 7 April 2022. “Despite the market turbulence, we achieved good results and decided to enter another construction segment, the industrial and power construction. In that way our diversified Capital Group will be even more resistant to market fluctuations.”

Thinking about the future

The good financial results of Unibep Group resulted from historical sales in real estate segment and solid profits in residential, office, and industrial construction segment as well as in infrastructure.

“Our developer sold 921 apartments in 2021. It also has a very good land bank allowing for construction of approx. 5 600 apartments. It also develops its activity on subsequent markets: We bought land plots in Tricity

UniDevelopment Joteyki p4 FINAL 03 large int

As if about residential, office, and industrial construction, Unibep SA implements investments almost throughout the entire country: starting from Silesia, through central and eastern Poland, ending up in West Pomerania Province. Currently, it is running approx. forty construction sites, mainly for private investors.

“The new segment contributing to our backlog of orders, which is industrial and power construction, is a response to the needs of the market, arising from to the need to transform the Polish energy sector. We see a real chance for a deeper involvement of Unibep Group in transformation towards zero and low-emission national economy. In recent months, we have significantly strengthened our staff in this segment, and we also conduct intensive acquisition. Our backlog of orders in this segment contains investments worth over PLN 230 million,” said Leszek Gołąbiecki, President of the Board

“The infrastructure segment (Infrastructure Branch and its subsidiary, Budrex Sp. z o.o., have the backlog of orders worth over PLN 1.1 billion. Important S19 road sections construction and S 61 section completion lie ahead. We are also implementing a time-demanding investment on the Polish-Belarusian border, the biggest investment in the history of the Border Guard,” he added.

Unihouse SA, a manufacturer of multi-family buildings in wooden technology, has a solid backlog of orders worth nearly PLN 350 million. We are happy to have more and more agreements on the German market, which, besides the Norwegian market, is the key place to sell our products,” explained the President of the Board of Unibep SA.

Challenges for 2022

“Future in the Unibep Group? ‑ The year 2022 will be a specific year due to the war across the eastern border. The Russian invasion on Ukraine made it difficult to predict today what the future months may bring. But the one thing we know today is that the unstable world translates into high rate of price rises or even possible supply chain disruption. Besides, many employees from Ukraine return to their home country leaving their jobs on Polish construction sites, which also might affect the investment implementation schedules. We should also remember about high inflation generating wage pressure among employees,” wrote President of the Board of Unibep SA.

“At the Unibep Group, we have most of our contracts, both in Poland and abroad, signed with private investors who understand the situation and with whom we are engaged in an effective dialogue concerning renegotiation of agreements. However, ahead of us lie some serious talks with public institutions. These include the parties placing orders in infrastructure and concern change in revalorisation of signed agreements and provisions protecting general contractors in the event of signing new contracts. We believe that a compromise satisfactory to both sides will be reached.

Unibep Group analyses the market situation on an ongoing basis developing and sets out a strategy. Our goals for 2022 is ensuring timely implementation of contract according to established schedules and margins, which is the current situation is very difficult. It is also safeguarding financial stability of the enterprise” concluded Leszek Gołąbiecki. 

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At the end of 2021, 1 616 people worked in Unibep (increase by 8% compared with the previous year). The seat of Unibep SA is Bielsk Podlaski. The company has been listed on the Warsaw Stock Exchange since 2008.

The report summarising the results of 2021 HERE

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