KGHM had PLN 237 million net profit, PLN 1266 million adjusted. EBITDA profit in Q2 2023

KGHM Polska Miedź recorded PLN 237 million of consolidated net profit in Q2 2023, compared to PLN 164 million a year earlier, the company announced.

The adjusted EBITDA profit amounted to PLN 1,266 million compared to PLN 1,882 million profit a year earlier.

Consolidated revenues from contracts with customers reached PLN 8,172 million in Q2 2023, compared to PLN 9,585 million a year earlier.

In the first half In 2023, the company had PLN 401 million of consolidated net profit attributable to shareholders of the parent company, compared to PLN 4,180 million profit a year earlier, with revenue from contracts with customers of PLN 17,757 million compared to PLN 17,926 million a year earlier.

The adjusted EBITDA profit amounted to PLN 3,148 million compared to PLN 5,309 million profit in this approach a year earlier.

In standalone terms, the net profit in the first half of 2023 amounted to PLN 1,207 million compared to PLN 2,808 million a year earlier.

“Revenues [of the segment of KGHM Polska Miedź S.A.] in the first half of 2023 amounted to PLN 15,510 million and were higher than in the corresponding period of the previous year by 2%. The main reasons for the increase in revenues were: an increase in the sales volume of copper and gold, a more favorable level of adjustment of revenues from hedging transactions and a higher USD/PLN exchange rate (+1%) with lower prices of copper and copper products obtained,” reads the report.

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KGHM Polska Miedź has a wide portfolio of exploration, development and production projects in Poland, Germany, Canada, Chile and the USA. The company has been listed on the Warsaw Stock Exchange since 1997; is included in the WIG20 index. In 2022, it had PLN 33.85 billion of consolidated revenue.

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