SIPEX reports turnover of 158 million RON, up 9 percent in the first half

SIPEX, one of the largest distributors of construction and finishes materials from Romania, listed on the Bucharest Stock Exchange, on the AeRO market, announces its financial results for the first half of 2024. The company recorded a turnover of RON 158 million, an increase of approximately 9 percent compared to the same period in 2023, driven by the advance of sales in all three distribution channels.

Irinel Gheorghe, CEO SIPEX: “The results from the first half of 2024 reflect our ability to adapt and respond effectively to market dynamics. We prioritized strengthening our market position and successfully managed challenges, from tax changes to labor shortages, obtaining the best half-year turnover in the last three years. The 9 percent growth in our business and the consolidation in the B2B channel encourage us to pursue our ambitious goals. We are focused on expanding our product portfolio, addressing the needs of the logistics, industrial, and infrastructure construction markets. At the same time, we are exploring new opportunities for the development of the business and sustainable growth, with the aim of reaching a turnover of EUR 100 million by the end of 2026.”

SIPEX’s business growth was supported by careful inventory management, accurate sales forecasting, and diligent expense management, with positive sales developments across all three distribution channels. In the revenue structure, sales in the traditional retail channel increased by 6 percent, B2B channel sales grew by 14 percent, and sales through the store and online channel saw a 29 percent increase.

The net profit for the first half of 2024 was RON 3 million, a decrease of 6.6 percent compared to the first half of 2023, due to increased operating expenses, particularly those related to the purchase of goods, salaries, utilities, and the new minimum turnover tax. Compared to the first quarter of this year, net profit saw a significant increase in the second quarter, driven by a 28 percent growth in sales.