The Mint of Poland had PLN 23.45 million of net profit

Mint of Polska recorded PLN 23.45 million of consolidated net profit attributable to shareholders of the parent company in Q1 2022 compared to PLN 23.64 million of profit a year earlier, the company said in its report.

The operating profit amounted to PLN 25.96 million versus PLN 34.43 million profit a year earlier. The EBITDA profit amounted to PLN 30.53 million compared to PLN 40.05 million a year earlier.

In the discussed period, the capital group recorded lower levels of profitability ratios as compared to the corresponding period of the previous year. This was due to a change in the sales structure of individual business segments. The highest increase in the level of sales revenues was recorded in the mint segment, which is characterized by lower margins. Another factor was final sale of apartments in the first quarter of 2021 in the 'Mint Residence II' development project, characterized by high margins.

The development of financial ratios in the first quarter of 2022 in relation to the corresponding period of the previous year largely illustrates the involvement in the implementation of the "Bulwary Praskie" project in the development segment, as well as the significant development of activities in the mint segment and related investments in working capital, mostly gold. The possession of this metal is a significant competitive advantage of the company on the market of producers and distributors of investment gold. The consistent increase in involvement in the implementation and development of development activities as well as the growing sale of investment gold ensure the capital group realizes solid financial results, it was also emphasized.

Consolidated sales revenues reached PLN 460.59 million in Q1 2022 compared to PLN 279.26 million a year earlier.

On a standalone basis, the net profit in Q1 2022 amounted to PLN 24.98 million compared to PLN 27.24 million profit a year earlier.

The Mint of Poland, recognized as one of the most technologically advanced mints in the world, is a leading producer of coins and numismatics in Poland and Europe. It is also the only producer of investment gold bars in Poland and a leader in the implementation, service and development of city card systems. Moreover, it carries out development investments in Warsaw. The company has been listed on the WSE since 1998.

Source: Polish Mint and ISBnews