Stable production and financial situation – KGHM presents its results for the first half of 2022

Higher revenues and net profit, stable adjusted EBIDTA and production at a similar level – the KGHM Polska Miedź S.A. Group, in volatile macroeconomic conditions, has performed stably and safely in terms of production and financial results in the first half of 2022.

The Group recorded higher revenues by PLN 3 420 mln (+24 %) compared to the corresponding period. This was due to a more favourable USD exchange rate, higher sales and higher prices for its basic products. The KGHM Group was able to improve its profit by PLN 457 million (+12 %). Adjusted EBIDTA was slightly lower versus the first six months of 2021 (-PLN 4 million ).

Payable copper production by the KGHM Group amounted to 378 thousand tonnes and is comparable to the results recorded in the corresponding period of 2021. The company is maintaining stable production in both its domestic and international assets.

The main factor causing volatility in metals prices is the war in Ukraine. KGHM, despite the rapidly-chaging situation on the energy commodities market, is fully capable of maintaining its operational continuity. 

The copper giant is also consistently advancing its energy development program, reducing the share of conventional energy and increasing the company’s energy independence. This also involves investment plans connected with the area of transformation. KGHM, as the first company in Poland to do so, submitted an application to the Polish Nuclear Energy Agency Polsce for an evaluation of small nuclear reactor (SMR) technology in Poland.

KGHM is continuing work on documentation for a Scrap Turnover Base under the Hybrid Legnica Smelter program as well as exploration projects in Poland and development projects in its assets abroad. The company is also involved in actions aimed at increasing production of energy from its own sources, including RES, projects connected with solar and wind energy, and hydrogen.