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A good start to the year for JSW Group

The JSW Group's net result in the first quarter of 2023 was PLN 1.27 billion, 0.8 percent higher than in the previous quarter. The Group's financial results continue to be strong.

photo: Dawid Lach

EBITDA in the first quarter of this year stood at PLN 1.96 billion, 1.2 percent higher than in the previous quarter. Total sales revenues in the period in question reached PLN 4.46 billion, up 7.4 percent from the fourth quarter of last year. Revenues from coal sales to external customers in the first three months of this year were 11 percent higher, reaching PLN 2.72 billion, a result of a consistently implemented trading strategy and the market situation,which translated into high prices for Australian coal, which are a determinant of global prices. At the same time, revenues on sales of coke and hydrocarbons were 4.7 percent higher, reaching PLN 1.55 billion in the period under analysis.

“We are pleased to present the latest financial results of the JSW Group. I can say with full conviction that our position in the coal market is strong, and the recent period has shown the importance of the role of local producers, who are a guarantor of stability of the supply of raw materials," admitted Tomasz Cudny, President of the Management Board of Jastrzębska Spółka Węglowa S.A “Thanks to our flexibility and long-standing relationships with customers, we are able to adapt to changing market trends, maintaining our position as a key supplier in this part of Europe and maintaining JSW's presence in non-European markets.

At the same time, it must be emphasized that our good performance is the result of the implementation of our strategy, hard work, determination and commitment of all Group employees. I think we have reason to be proud, and we will strive to achieve even better results in the future, especially since coking coal is important in the green transition," Mr. Cudny added.

Comparing the results with the fourth quarter of 2022, in the first three months of this year the average price of coking coal was PLN 1,221 per ton, up 1.6 percent, while the price of coke fell 6.8 percent to reach PLN 1,589 per ton.

In the period in question, coal production reached 3.4 million tons. Coke production, in turn, amounted to nearly 0.8 million tons, up 14.3 percent over the previous quarter. One should also note the investment spending in the JSW Group.

In cash terms, it was almost 27 percent higher, amounting to more than one billion zlotys compared to the last quarter of last year.

The increase in the expenditures is a result of the postponement of payments for performed investments in the previous quarter.

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