Polish ML System starts 2021 with record high order backlog - CEO

ML System SA

22/01/2021 11:07

WARSAW, Jan 22 (Reuters) - Polish ML System  MLSP.WA , a
producer of photovoltaic cell systems for buildings, has entered
2021 with a record high order backlog, amid rising demand for
solar energy technologies, the company's chief executive said. 
    Poland's solar energy capacity has surged in the past two
years due to generous subsidies from the government, which has
encouraged more investment in clean energy sources following
pressure from the European Union. The country still generates
most of its electricity from coal but the fossil fuel's share in
power production is falling. 
    "Revenues and net profit in 2020 are higher than in 2019 and
would have been even better if not the pandemic. I don't think
2021 would be worse. We entered 2021 with a record high
backlog," ML System founder and Chief Executive Dawid Cycon told
Reuters. 
    He did not rule out that the company would pay out a
dividend from 2020 profit.
    In 2019 ML System's revenue and net profit amounted to 93
million zlotys ($24.94 million) and 3 million zlotys,
respectively. 
    ML System was founded in 2007 and since then has specialised
in designing and producing advanced photovoltaic systems used in
buildings. It expanded its offer for individual clients when the
subsidies scheme was launched.
    With growing competition at home ML System is looking to
expand abroad. Cycon hopes foreign sales will account for half
of the group's revenues in 3-4 years compared to 7-8% in 2020,
mostly from the Scandinavian and Benelux markets. 
    "Now we focus mostly on the markets in northern and central
Europe and on the U.S. and Canada as these continue to function
despite pandemics," Cycon said. 
    He added that the group is considering building a production
facility in the United States, Canada or in Australia to reduce
transportation time and costs for its clients. 
    
($1 = 3.7295 zlotys)

 (Reporting by Agnieszka Barteczko; editing by Emelia
Sithole-Matarise)
 ((agnieszka.barteczko@thomsonreuters.com; +48226539700; Reuters
Messaging: agnieszka.barteczko.reuters.com@thomsonreuters.net))