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Another quarter of solid profits

JSW Group maintains good performance in the first half of 2023, achieving net profit of over PLN 2 billion. In the second quarter of the year, net profit was approx. PLN 0.8 billion.

photo: Dawid Lach

“Despite the persisting lower steel production in Europe, we have been able to place our coking coal and coke on the market and achieve good financial performance. Sales revenues in the first half of the year decreased 21.1% compared to the same period in 2022, primarily due to a 28.5% decrease in average coke prices and a 25% decrease in coking coal prices. It should be noted, however, that we are comparing the figures for the first six months of this year with an exceptional period in the previous year, when we had to deal with record high prices due to a cumulative effect of market disruptions, including a flood in Australia and the outbreak of the war in Ukraine", explains Tomasz Cudny, President of the JSW Management Board. “Despite the difficulties faced by the entire coal industry, Jastrzębska Spółka Węglowa maintains its market position. We are focused on developing sustainable and effective ways to mine coal and investing in modern technologies that will allow us to achieve long-term profits”, adds the JSW President. 

In Q2 2023, EBITDA was over PLN 1.3 billion. During this period, the average price of coking coal received by JSW was PLN 1,235.03 per ton, an increase of over 1.1% compared to the previous quarter. In turn, the average coke price in Q2 2023 was PLN 1,698.63 per ton, which was more than 6.9% higher. As a result, sales revenues in Q2 2023 reached PLN 4.1 billion. 

In Q2 of the year, mines produced more than 3.3 million tons of coal, which was 1.9% less than in the previous quarter. Coke production in Q2 was 10.5% higher than in the previous quarter and amounted to 0.8 million tons. Sales of coal produced by the Group’s units to external customers were slightly less than 2 million tons, and coke sales for the period were nearly 0.9 million tons.

In the second quarter of the year, the JSW Group spent PLN 1 billion on capital expenditures (on a cash basis). This represents growth of 5.6% versus the previous quarter. However, if we compare H1 2023 with the same period last year, the increase is more than 56%. This is mainly due to the modernization of many powered support sections and underground transportation equipment, increased spending on coal preparation facilities, environmental protection, the construction of a power unit at the Radlin coking plant, and much more. The average headcount in the JSW Group was 30,828, while Jastrzębska Spółka Węglowa alone has 21,151 employees.

 

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