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Mercator Medical sums up the first quarter of 2022

In the first three months of this year Mercator Medical Group, a manufacturer of disposable gloves and a distributor of…

In the first three months of this year  Mercator Medical Group, a manufacturer of disposable gloves and a distributor of disposable medical materials, makes earnings higher on a quarterly basis. In the factory no. 3 new production lines are successively launched.

IV quarter 2021

I quarter 2022

Change quareter to quarter


mln PLN

mln PLN


Sales revenue








EBITDA margin



+ 10,5 pp

Net profit




Net cash and TFI units



+/- 0%

In the period of January-March 2022, the Mercator Medical Group generated an EBITDA result of PLN 16.6 million, which means an increase by 257% compared to the previous quarter. The margin at this level increased by 10.5 percentage points. to 12.2%, which translated into an increase in net profit by more than half. Nominal values ​​of revenues and profits in the first quarter of 2022, due to the market prices of gloves and achievable margins, are incomparable to the results generated a year ago and at the peak of the pandemic, but at the same time the results are better than in the corresponding period of 2019.

- Despite the unfavorable market environment with a large supply of gloves on the global market and cost pressure, including in the area of ​​sea freight, we achieved positive financial results. While market prices for gloves continued to decline, nitrile glove producers benefited from the significant decline in synthetic latex prices, which is likely to slow down due to rising oil prices. The positive news is certainly that in the first quarter of this year. our distribution segment recorded a positive EBITDA result after three very difficult quarters in a row - comments Michał Romański, Member of the Management Board for Finance at Mercator Medical S.A.

In the first quarter of 2022, the value of consolidation exclusions reached nearly 44% of the reported consolidated revenues of the Group, which was significantly higher than in the past.

- Consolidated results of the first quarter of this year, it is worth analyzing through the prism of redirecting a significant part of production to its own distribution segment, so that the sale of these gloves at the consolidated level will be booked only after the sale to external customers. This will naturally affect the results of the following periods - indicates Michał Romański, Member of the Management Board for Finance at Mercator Medical S.A.

In February this year Mercator Medical Group has launched the first production line of a new, third factory in Thailand. The second line is currently in the start-up phase, and the full production capacity of factory 3 (approximately 1 billion industrial gloves per year) is expected to be achieved in the third quarter of this year. At the same time, the Mercator Medical Group, despite ongoing investments and payment of funds to shareholders (in 2021, a share buyback for PLN 312 million), at the end of March this year had PLN 527.1 million of liquid cash.


Mercator Medical S.A. based in Krakow is a manufacturer of disposable gloves and a distributor of disposable medical materials. In these markets, it is one of the most important players in Poland and an important player in the international arena. The history of the company dates back to 1989.

Thanks to the construction of the second glove factory in Thailand (the last production line commissioned in September 2018), the company's production capacity increased by 150% - to over 3 billion gloves per year. In the first quarter of 2022, the first production line was launched at the third disposable glove factory (target production capacity of approximately 1 billion items per year). Together with the distribution of gloves purchased from external suppliers, the total sales potential of the Mercator Medical Group can be estimated at over 6 billion gloves per year. The main sales markets in 2021 are the US, Poland and the UK. Great Britain, but Mercator Medical's operations are global - sales through its own distribution companies and through external, local distributors took place in over 50 countries, and the company is constantly expanding geographically.

Since November 2013, the shares of Mercator Medical S.A. are listed on the regulated market of the Warsaw Stock Exchange. In March 2021, they were included in the main stock exchange index - WIG20, and since March 2022 they have been included in the mWIG40 index. More information:

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