Mapei Ltd. Reports 6.6% Fall in Q1 Turnover

Sales revenue at Mapei Ltd. in the first quarter of this year was HUF 7.2 billion, down 6.6% year-on-year, the company, which manufactures and distributes building materials, told MTI on Thursday. However, the company's export revenues rose by 28% to 169 million forints.

The company aims to remain competitive in a changing market environment. To this end, cost-cutting measures have been introduced. In addition, continuous efforts are being made to increase the company's market share, compensating for the decline in demand, by introducing new services and products, and by providing improved professional training to help market players.

Mapei Ltd. managing director Béla Markovich is optimistic and believes that the second quarter could bring a slight improvement. With the reduction in utility bills, the public's appetite for construction is expected to pick up, and if Hungary can access amounts from the EU funds withheld, investments and subsidies may start, the company said in a statement.

Mapei Ltd. is one of the most important players in the construction materials production and distribution market in Hungary. The company was established in 1991 as a subsidiary of Mapei S.p.A., a subsidiary of the Austrian Mapei GmbH. The company employs 241 people and had a turnover of HUF 33.5 billion in 2022.

According to publicly available company data, Mapei Ltd. had a turnover of HUF 28.131 billion in 2021, compared to HUF 23.24 billion a year earlier. The company closed 2021 with a profit of HUF 2.787 billion, compared to a profit after tax of HUF 2.372 billion in 2020.