Corab S.A. with record revenue of almost PLN 1.5bn for 2022
In 2022, Corab S.A., one of the leading manufacturers and distributors of renewable energy solutions operating on the Polish market, reported record revenues of almost PLN 1.5 billion, marking an increase of almost 60 per cent compared to the previous year. In the same period, the company's EBITDA increased by 25% to PLN 175.6 million. In addition, last year was a record year for Corab S.A. in terms of the value of the company's exports, which increased by 338% and amounted to PLN 231.5 million.
The company's record results were underpinned by the dynamic development of the Polish photovoltaic market, with an average year-on-year growth (CAGR) exceeding 100% between 2016 and 2021.
During this period, Corab S.A. increased the production capacity of its main product category, i.e. photovoltaic mounting systems, to 3.5 GW per year. It also opened an automated logistics centre with 25,000 m2 of multi-tier racking space. In addition to the distribution of products from renowned brands operating in the renewable energy sector, the company focused on the development of its own product range under the Corab Encor brand, including PV modules and photovoltaic accessories and others. In 2022, Corab S.A. also substantially intensified its efforts in foreign markets, including Germany, Scandinavia and the Baltic states.
– Corab S.A.'s record financial performance in 2022 was made possible mainly by making the most of the business development opportunities offered by domestic and foreign photovoltaic markets, said Piotr Markowski, CEO of Corab S.A.-According to the latest industry forecasts, both Polish and European markets are expected to continue to favour us. Therefore, in 2023, we intend to strive to maintain a double-digit growth rate. To this end, we will continue to expand the portfolio of our own comprehensive solutions that will enable our customers to achieve full energy independence - added Piotr Markowski.
Optimistic prospects for the Polish PV sector
According to the latest report, 'Photovoltaic market in Poland 2022', prepared jointly by Corab S.A and research company PMR, the Polish solar energy sector is still relatively new, and it is developing dynamically. According to forecasts, in the years to come, it will be transformed into a more mature market, possibly accompanied by a slowdown. However, it will still be characterised by a high growth rate, which will be mostly dependent on the level of electricity prices. Therefore, the market development forecast presented in the report is based on three scenarios: low prices, baseline and high prices.
The study shows that the higher the electricity prices, the higher the rate of growth of cumulative PV capacity. The high energy price scenario predicts the achievement of 34.1 GWp of cumulative installed PV capacity in Poland by 2027. This represents a 343% increase compared to 2021 (7.7 GWp). In comparison, the baseline scenario envisages the market reaching 26.7 GWp of capacity in the same period, i.e. an increase of 247%. In contrast, under the low-price scenario, it would be possible to exceed 20.3 GWp of cumulative capacity in 2027, i.e. an increase of 164% compared to 2021.
All scenarios predict an increase in installed capacity across all market segments. Specifically, for prosumer micro-installations (up to 50 kWp), the low-price scenario projects a 103% increase (from 6.0 GWp to 12.2 GWp) compared to 2021, the baseline scenario a 162% increase (from 6.0 GWp to 15.7 GWp), and the high-price scenario a 235% increase (from 6.0 GWp to 20.1 GWp).
By way of comparison, the business segment (50-1000 kWp) could expect to grow by 310% (to 6.15 GWp) compared to 2021 in the low-price scenario and by up to 607% (to 10.6 GWp) in the high-price scenario.
On the other hand, the industrial PV farms sector (above 1 MWp) could see an increase of 921% (to 1.94 GWp) compared to 2021 (0.19 GWp) in the low-price scenario, while its market share can grow by up to 1710% (to 3.44 GWp) in the high-price scenario.
As electricity prices rise, the market share of the small business and photovoltaic farm segment is expected to increase. In the low-price scenario, the former would reach a market share of 30.29% in 2027, while in the baseline and high-price scenarios, they would reach 31.23% and 31.08%, respectively. In contrast, the share of photovoltaic farms in the corresponding period would vary between 9.55% and 10.08%, depending on the scenario adopted.
Export expansion and comprehensive renewable energy solutions
In 2023, Corab S.A. intends to strengthen its presence in European markets that are key to the company's development, such as Germany, Sweden, Lithuania, Latvia, Estonia, Hungary, Bulgaria and Romania. This is due to the promising growth prospects for these markets. Industry estimates available for the market assume the creation of more than 53GW of new solar power capacity in the EU in 2023 and capacity additions of at least 85GW per year in this region until 2026.
The company plans to diversify its offerings by expanding its portfolio of proprietary products and solutions to help its customers achieve complete energy independence, shielding them from fluctuating energy prices. To achieve this, it plans to expand the range of products and solutions currently available under the Corab Encor brand, such as PV modules and photovoltaic accessories, to include additional elements such as heat pumps, inverters, an application for managing RES system elements, and EV chargers.
Corab S.A. manufactures high-quality photovoltaic systems and offers comprehensive solutions from renowned manufacturers in the RES industry - both for commercial PV installations and for individual customers (prosumers).
For more than 30 years, the company has been perfecting its competence in steel and aluminium production and developing the production of renewable energy-related equipment. Corab S.A. is a leading European company manufacturing high-quality PV structures as well as a distributor of advanced photovoltaic solutions.
Professionals can benefit from Corab's wide product range but also gain from its efficient logistics, customer support, training offer and full after-sales service. Investors and customers who are interested in finding photovoltaic contractors are invited to join us under the Corab Partner programme. It is a network of the best installation companies across Poland.
We belong to the largest Polish capital group (along with brands such as Cersanit and Komfort), which further highlights our stability and credibility.
Contact:
Piotr Korzeniewski
Dyrektor Marketingu i PR Corab S.A.
T: +48 89 535 17 90
@: p.korzeniewski@corab.com.pl
