PKP Cargo had a net profit of PLN 82.1 million, PLN 1,083.1 million in EBITDA in 2023

PKP Cargo recorded PLN 82.1 million of consolidated net profit attributed to shareholders of the parent company in 2023 compared to PLN 148 million in profit a year earlier, the company said.

Operating profit amounted to PLN 291.4 million compared to PLN 333.3 million profit a year earlier. EBITDA amounted to PLN 1,083.1 million compared to PLN 1,066.3 million in profit in this year earlier.

"The market for rail freight in Poland has been declining since Q2. 2023. In this situation, key players record greater declines than smaller ones. Despite the economic and industry decommunity, the company recorded solid revenues and maintained the level of EBITDA’s profit,” commented Maciej Jankiewicz, acting President of the Management Board.

Consolidated revenues from contracts with customers reached PLN 5,491.9 million in 2023 compared to PLN 5,390.1 million a year earlier.

In the whole of 2023, despite the downturn on the market, the PKP Cargo Group generated PLN 5,491.9 million in revenues from contracts with customers, which means an increase of 2% y/y. The EBITDA result reached the level of PLN 1,081.1 million, which is an increase of 1.6% y/y. EBIT in 2023 amounted to PLN 291.4 million and this is a decrease of 12.6% compared to the same period in 2022. The EBITDA margin was 19.5%, while the EBIT margin was 5.2%. The Group’s net result amounted to PLN 82.1 million, the company reported.

In 2023, the operating costs incurred by the Group amounted to PLN 5 155.6 million, which is an increase of 2% y/y. The Group incurred the highest costs due to employee benefits and depreciation, i.e. PLN 1,955.4 million and PLN 711.7 million, respectively, with an increase of 12.7% and 8% compared to 2022. In this period, net financial costs amounted to PLN 181.5 million, i.e. an increase of 20.5% y/y. At the end of the period, the Group had PLN 263.7 million of cash and access to debt financing. Capex Group in 2023 reached PLN 1721.4 million, i.e. 121.8% increase y/y, the company further reported.

In the fourth quarter alone, the company was influenced by a deepening downturn on the market - revenues reached PLN 1,322.7 million, i.e. 16% decrease y/y, EBITDA amounted to PLN 229.7 million and EBIT PLN 32.4 million. The net loss amounted to PLN 19.8 million, it reported.

In 2023. The PKP Cargo Group carried 82.7 million tonnes of cargo, a decrease in the volume of weight by 17.9 million tonnes y/y (17.8% less y/y). The transport work amounted to 22 282 million tkm, which is a decrease of 17.5% y/y. The largest volume decreases were recorded by the segment of liquid fuels and metals and ores, respectively -31.8% and -30.2%, while transports of aggregates and building materials remained at a similar to last year's level (-5.2% decrease y/y). Solid fuel transports in the period concerned decreased by 19.4% y/y, including coal by 21.6% y/y. The remaining segments did not compensate for the declines for the company, the company announced.

The market share of the PKP Cargo Group in 2023 amounted to 33.1% (-4.4% y/y) in the range of goods and 33.9% (-6.0 percentage points y/y) in the field of transport work.

In unit terms, the net profit in 2023 amounted to PLN 45.2 million compared to PLN 102.7 million profit a year earlier.

Source: PKP Cargo and ISBnews
Photo: PKP Cargo