Mex Polska, a holding company operating in the gastronomy industry and listed on the Warsaw Stock Exchange, recorded a net profit of PLN 1.3 million in the first half of 2024. However, it should be noted that the application of IFRS 16 negatively affected the result, due to the signing of new long-term lease contracts by the Mex Group. Excluding this factor, the net result would have been PLN 1.9 million, an increase of 24% year-on-year. Importantly, IFRS 16 not only doesn’t weaken the solid financial fundamentals of the Group, but indicates its dynamic development. During the reported period, the holding recorded solid sales revenues exceeding PLN 49 million (+10.10% YoY). EBITDA in this time reached PLN 7.4 million (a growth of 12.20% YoY), and the operating profit (EBIT) maintained a stable level of nearly PLN 2.4 million.
“The more new long-term lease contracts come into effect during a given period, the more intensively IFRS 16 affects the net result. However, this does not directly affect the current ability to generate cash. Excluding the influence of this factor, our net profit would have grown by almost 25% YoY. We are not slowing down; our goal is to continue the systematic growth of the Group’s value. To this end, we will soon present an update of our strategic development plans to our Shareholders. I encourage everyone to follow us closely” – says Paweł Kowalewski, President of the Management Board of Mex Polska SA.
Since the beginning of this year, the Group has opened six new venues: four under the iconic Pijalnia Wódki i Piwa brand and one under the Chicas&Gorillas brand. At the same time, in August, the first venue of the Group’s youngest concept – Spoko Taco, which enriched the gastronomic market of Krakow, was launched. By the end of 2024, the Group plans to open at least three more own venues. Currently, the Mex Polska Group consists of 50 popular and profitable gastronomic venues.
The Management Board will provide more details about the Group’s financial results and key development plans at a conference on September 26, at one of its venues – Chicas&Gorillas on Parkingowa Street in Warsaw.
Source: https://managerplus.pl/mex-polska-osiaga-13-mln-zl-zysku-netto-w-i-polroczu-2024-r-13603
