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Jastrzębska Spółka Węglowa JSW with a record profit for 2022. Tomasz Cudny, president of JSW, comments

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The capital group of Jastrzębska Spółka Węglowa generated PLN 7.6 billion in net profit in 2022. The company stressed that this was the best result in the company’s history. The net profit was higher by almost PLN 6.6 billion than in 2021.

The value of the EBITDA indicator for 2022 amounted to PLN 10.6 billion, for comparison, in 2021 it was PLN 2.5 billion. “We will remember 2022 as the year in which the face of the global economy changed dramatically. The new geopolitical situation in Europe caused uncertainty among steel producers, giving an impulse to a short-term record increase in coking coal prices to over USD 600 per ton in March 2022” – he reminded quoted in the communiqué, Tomasz Cudny, President of JSW SA

“In the following months, the quotations systematically fell. In the second half of the year, we struggled with a drastic reduction in steel production in the EU, shutting down blast furnaces, limiting the availability of seaports in the conditions of oversupply of coke on the European market and the uncertainty of the market situation in the face of the threat of an energy crisis and rising costs ” – added.

Jastrzębska Spółka Węglowa with a record profit

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According to Cudny, the record-breaking financial results of JSW are mainly the result of hard work of employees and “skillful navigation on the unstable market of coking coal and coke”.

In the information on the results, the company reminded that 2022 was also a time of tragic events in the Pniówek and Zofiówka mines and Koksownia Przyjaźń. “Despite many difficulties resulting from the occurrence of force majeure, JSW SA achieved the planned results coal production at the level of 14.1 million tons. This is 0.3 million tons of coal more than in 2021. Coke production, on the other hand, amounted to 3.2 million tons, an increase of 13%. less than a year earlier.”

In 2022, compared to the previous year, the prices of coking coal and coke increased by almost 144% and 144%, respectively. and 72 percent This resulted in a 91% increase in total sales revenue compared to 2021, which reached almost PLN 20.2 billion.

In 2022, JSW spent about PLN 2 billion on tangible investments, 48.8% more than a year ago. more than a year earlier. The investments concerned mainly the extension and construction of new levels in the mines to ensure current and future production capacity.

Capital expenditures of other JSW group companies amounted to PLN 645.3 million in 2022 and were higher than in the previous year by approximately 85%. These expenses included modernization of the coking battery No. 4 in the Przyjaźń coking plant in Dąbrowa Górnicza and the construction of a power unit in the Radlin coking plant.

JSW Management Board Officephoto: Dawid Lach/JSW

“Policy for the Future”

The JSW Group emphasized that in periods of economic prosperity, it “consistently sets aside some of the generated cash surpluses in the JSW Stabilization Closed-end Investment Fund created especially for this purpose”.

In 2022, the company provided JSW Stabilizacyjny FIZ with PLN 4.2 billion.

At the end of 2022, the net assets of the fund amounted to PLN 4.9 billion. “The fund is a ‘policy for the future’ for the JSW Group. It will provide support during a potential downturn. It will help stabilize the company’s liquidity, ensuring its maintenance and continuity of operating and investment processes,” the release reads.

Main photo source: photo: Dawid Lach/JSW

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