Ciech profits up. No planned dividend payout

WSE-listed chemical group Ciech had a PLN 593 million net profit in 2016, up from PLN 343 million in 2015. EBITDA grew to PLN 883.8 million from PLN 707.5 million the year before, while revenues increased to PN 3.46 billion, from PLN 3.27 billion y/y. In key segment, the core soda business generated an adjusted EBITDA of PLN 739 million (PLN 651 million in 2015), PLN 79.5 million EBIDTA for the organic segment (down from PLN 85.8 million). The silicon and glass segment sported PLN 34.7 million EBITDA (PLN 33.5 million in 2015). The company also announced that it will recommend not to pay out the dividend from this year's profits and plans to allocate it to retained earnings.