Despite the challenges posed by the changing and unstable social and economic situation in Poland and the world, the biggest Polish rail freight carrier, PKP CARGO, achieved positive financial and operational results, generating a net profit of EUR 31.57 million.
Financial results of PKP CARGO
The PKP CARGO Group's consolidated sales revenues increased by 26% compared to 2021, reaching EUR 1.15 million. Consolidated EBITDA increased by 108% year-on-year to EUR 0.23 million, indicating a profitability of 20%. Despite the high increase in energy costs, the cost of access to infrastructure per 1,000 tkm remained unchanged. The company also invested EUR 165.5 million in necessary repairs and purchasing new rolling stock, with operating costs higher by 12% year-on-year, below the inflation increase.
Transport volumes of commodities
The company's transported freight volume remained at 100.6 million tonnes, with an increase in transport performance by 5.5% to 27.008 billion tkm.
Transport of solid fuels, including hard coal, remained at the same level as in the previous year, with slightly different quarterly dynamics. PKP CARGO's market share in transporting aggregates and construction materials increased by 1.2 percentage points to 40%. In 2022, the company recorded decreases in intermodal transport and transportation of metals and ores. The decrease in the transport of metals was a consequence of lower steel production, ongoing reductions in production capacity, and the shutting down of metallurgical furnaces in Europe.
A look into the future
The company's President of the Management Board, Dariusz Seliga, said, "Financial stability allows us to look into the future with increasing optimism. We focus on the north-south transport corridor. We already have transport licenses in 7 countries outside Poland, and we are still working intensively towards the Three Seas area, which is strategic for us."
PKP CARGO offers integrated logistics services, combining rail, road, and sea transport, to several thousand customers in Poland and other European countries, such as Czechia, Slovakia, Germany, Austria, the Netherlands, Hungary, Lithuania, and Slovenia.