The PGZ Naval Shipyard experienced a substantial financial boost in 2022, as announced during the Shareholders Meeting on July 27. This surge marked their peak performance since their ownership transfer to the Polish Armaments Group (PGZ) in 2017. The gross profit touched PLN 2.47 million, fueled by an increase in contracts and a rise in revenue to PLN 177.1 million. The profitability from sales touched PLN 8.8 million, and a healthy 8% operating profit margin was achieved. The company’s EBITDA escalated by 54% YoY to PLN 13.6 million. President Paweł Lulewicz attributed the Shipyard’s financial health to the execution of strategic changes and robust investment endeavors. Primarily self-funded in 2022, the company maintained minimal borrowed capital, standing at 7% of total assets. They plan to reinvest the net profit of PLN 21 million, with anticipated investment outlays of around PLN 100 million for 2023-2024.
Source: milmag.pl
