The company said on Tuesday that Poland's JSW, the European Union's largest producer of coking coal, posted a more than 700% y-o-y increase in 2022 net profit to 7.56 billion zlotys ($1.74 billion), an increase slightly above analysts' forecast.
Revenue increased by 90% y-o-y to 20.20 billion zlotys, reaching 10.56 billion zlotys compared to 2.48 billion zlotys a year earlier.
The results were supported by a increase in coal prices, which reached record highs after the Polish government imposed a ban on imports of Russian coal in response to Russia's invasion of Ukraine.
The company will not propose to pay dividends from 2022 net profit as it is against the terms of the liquidity and preferential loan agreements signed with the Polish Development Fund.
In 2022, the mining sector extracted a total of 14.1 million tons of coking and steam coal, 78% of which was coking coal, an increase of 2% compared to the previous year.
Initially, it had planned to increase annual production to about 14.5 million tons, but mining accidents reduced coal production.
According to the company's estimates, the latest accident, a fire at the Ruch Knurow mine, is said to have reduced this year's production output by about 0.3 million tons.