Despite inflation, the copper giant is doing well. Financial results of KGHM

The KGHM Group published its financial results for the third quarter of this year and summarized the first three quarters compared to the previous year. Despite the volatile macroeconomic environment and the pressure of cost inflation, the copper giant increased its silver production and maintained copper production at a level similar to last year’s. This translated into an increase in revenues in the KGHM Group and a strong operating result of the Group.

Double-digit growth of KGHM

The KGHM Group increased its net financial result by PLN 505 million (+11%) compared to the one recorded after 9 months of 2021 – PLN 1 billion 86 million compared to PLN 1 billion 39 million in the corresponding period of 2021. Continuing good market conditions metals contributed to an increase in the revenues of the KGHM Group (+18%) compared to the corresponding period of the previous year, to the level of PLN 25 billion 696 million. In turn, the net profit for three quarters of this year. amounted to PLN 5 billion 267 million compared to PLN 4 billion 762 million in the previous year in the same period.

Revenues of the KGHM group for 3 quarters of 2022

In addition to maintaining current operations, KGHM also undertakes numerous research and development initiatives to increase efficiency. The company implements the Strategic Program of Huta Hybrydowa Legnica and exploration projects in Poland, as well as development activities in foreign assets.

The copper giant continues its involvement in the development of nuclear, solar and wind energy. KGHM is consistently developing projects that contribute to the reduction of CO2 emissions. From 2023 in the Sierra Gorda mine, 100 percent. of electricity will come from own renewable energy sources.

Board incomplete

The President of KGHM, Tomasz Zdzikot, at the conference summarizing the Group’s results, pointed out that the company’s management board is incomplete – the President of KGHM is also the Vice-President for Development, and the Vice-President for Production, Marek Świder, is also the acting Vice-President for Foreign Assets.

– It is important for us that the board is constituted in full composition and we expect it in the near future. – said President Tomasz Zdzikot. According to the words of the president of KGHM, when the management board is constituted, he will review the strategy in the context of the macroeconomic environment and security. During the conference, it was said that the company wants to focus on its core business as part of its investment projects.

Tomasz Zdzikot emphasized that the company’s management is currently focused on drafting the budget for 2023. – This is a challenge in which we have to reconcile both the cost issue and the implementation of investment and development tasks – said Zdzikot. He stressed that he wants investments and development to be among KGHM’s priorities.

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