The supervisory board of PKP Cargo dismissed the company's president, Dariusz Seliga. He will be temporarily replaced by Marcin Wojewódka. The reasons for this decision are not yet known. According to the company's latest report, PKP Cargo achieved a net profit of PLN 82.10 million in 2023, compared to PLN 148 million in 2022.
The company announced in a stock exchange announcement that the supervisory board of PKP Cargo dismissed CEO Dariusz Seliga and management board member Marek Olkiewicz as of April 24. At the same time, the council dismissed the acting president, Maciej Jankiewicz, as of April 25.
The announcement also informed that the supervisory board of PKP Cargo entrusted Marcin Wojewódka with the duties of president from April 26 to July 25, 2024.
The company added that the reasons for the cancellation were not given.
Dariusz SeligRadek Pietruszka/PAP
The Supervisory Board decided to delegate Monika Starecka, member of the supervisory board, to temporarily perform the duties of a member of the management board and entrust her with performing the duties of a member of the management board for finance, as well as Paweł Miłek, a member of the supervisory board, to temporarily perform the duties of a member of the management board and entrust him with performing the duties of a member of the management board commercial affairs.
The company informed that Marcin Wojewódka is a legal advisor, doctor of economics, founder and managing partner of the Labor Law Firm “Wojewódka i Wspólnicy”. President of the Pension Institute, academic lecturer. In 2016-2017, member of the management board of the Social Insurance Institution. Member of the Supervisory Board of PZU Życie.
On February 1, 2024, the supervisory board of PKP Cargo suspended President Dariusz Seliga and member of the management board for operations, Marek Olkiewicz. On April 22, the council dismissed management board member Jacek Rutkowski.
Almost PLN 20 million loss in PKP Cargo
In the fourth quarter of 2023 the group's revenues reached PLN 1.324 billion, i.e. by 16%. less y/y The consensus assumed PLN 1.286 billion in revenues.
According to the company's announcement, the operating profit of PKP Cargo in 2023 amounted to PLN 291.40 million. This is less than in 2022, when it reached PLN 333.30 million. Operating revenues in 2023 were higher than in the previous year and reached PLN 5.55 billion, and in 2022 they amounted to PLN 5.44 billion.
Bad start to 2024
According to PKP Cargo, the beginning of this year perpetuates negative trends in the industry. The goal for 2024 is to improve process efficiency and cost control while increasing the customer portfolio.
As stated, the end of 2023 was a challenge for the railway market due to rising inflation, falling demand or constantly increasing energy costs. The first months of this year perpetuated the negative trend in the industry, especially for the largest entities, which were losing market share with negative transport dynamics. Only smaller operators recorded an increase in the transported volume (by +3.8% y/y).
PKP Cargo is the largest rail freight carrier in Poland. As a Group, it offers logistics services, combining rail (the largest rolling stock fleet in Poland), road and sea transport. It provides independent freight transport for several thousand customers in Poland, the Czech Republic, Slovakia, Germany, Austria, the Netherlands, Hungary, Lithuania and Slovenia.
The largest shareholder of PKP Cargo is PKP SA, which holds 33.01%. shares of a railway freight carrier.
Main photo source: TVN24