Capital Group Mennica Polska SA concluded the first nine months of the current year with a net profit of 85.9 million PLN ($22.9 million). Sales revenues amounted to 1.03 billion PLN ($275 million) and were higher year to year by over 215 million PLN ($57 million). Financial liquidity remained at a very high level. The reported results confirm the company’s consistency in the implementation of its development strategy.
During the reporting period, an increase in results was recorded in every area of operation. Sales revenues were higher by over 215 million PLN and amounted to 1.03 billion PLN ($275 million) (819.6 million PLN ($218 million) in the same period last year). The sales result increased by over 46 million PLN ($12.2 million) and the net financial result by 32 million PLN ($8.5 million). EBITDA was higher by almost 50 million PLN ($13.3 million).
Katarzyna Budnicka-Filipiuk, CEO of Mennica Polska, said the results achieved in the reporting period confirm the strong position and financial stability of the capital group. “We recorded increases in every segment of our business. The consistent development of the ‘Bulwary Praskie’ development project, as part of which we recorded revenues from the final sale of 166 apartments, had a significant impact on the level of financial indicators.”
Revenue and profitability indicators increased in the area of mint products as well as in the electronic payments segment. In the developer segment, the company recorded revenue from the sale of apartments within the ‘Bulwary Praskie’ project.
In the mint products segment, revenues were higher by around 127 million PLN ($33.8 million) for the first three quarters of the current year.
In the electronic payments segment, revenues were higher than in the same period last year and amounted to 172.1 million PLN ($45.9 million).
The company’s development activity also recorded a major boost with revenues of over 86 million PLN ($22.9 million) higher than the same period last year.
An important event within the framework of the company’s development activity was the new opening in the ‘Mennica Legacy Tower’ project. After the end of the reporting period, Golub GetHouse, a subsidiary of Mennica Polska, concluded an agreement with a syndicate of insolvency assets under the ‘MLT’ project. The document obliges both parties to take all steps to ensure that insolvency proceedings are rejected or withdrawn. Mennica Polska, together with a group of cooperating entities, purchased all banking receivables and thus became the largest creditor of the special-purpose vehicle.
Source: https://managerplus.pl/mennica-polska-sa-notuje-859-mln-zl-zysku-netto-po-trzech-kwartalach-wzrost-w-kazdym-segmencie-dzialalnosci-22783
