Mennica Skarbowa sold 4.53 tons of gold throughout 2021 compared to 2.13 tons a year earlier, the company said. The growing demand for gold resulted mainly from concerns about rising inflation, low interest rates and anxiety about the tense political situation in Eastern Europe.
“For the first time in history, we have exceeded PLN 1 billion, and for the first time in history, we have also generated such a high profit, both on the operational and net level. The gold rush in Poland continues because Poles believed in this metal. It is a safe asset that maintains its value. buy for years and which are easy to sell. We estimate that Poles bought about 14 tons of investment gold in 2021, and our country was in the top five in Europe when it comes to selling this commodity. I also foresee that if the political uncertainty, especially in Eastern Europe, persists, and on the other hand – inflation remains at this level, the price of gold will increase in the medium term,” said Jarosław Żołędowski, president of the Treasury Mint.
The company’s revenues amounted to over PLN 1.1 billion in 2021 compared to PLN 529.7 million a year earlier. Sales revenues in the fourth quarter of last year amounted to 457.2 million. PLN, which is an increase of approx. 150% y / y.
The net profit of Mennica Skarbowa amounted to PLN 7.9 million in Q4 2021 compared to PLN 3.1 million in Q4 2020. Throughout 2021, the net profit amounted to PLN 23.2 million compared to PLN 18.3 million in the four quarters of 2020.
The company’s profit on sales in the fourth quarter of 2021 amounted to PLN 11.5 million, which is almost three times more than in the fourth quarter of 2020. Cumulatively in the first four quarters of 2021, the profit on sales was PLN 31.7 million, which is an increase by nearly PLN 11.7 million compared to the corresponding period of 2020. Operating profit was at a similar level and amounted to PLN 10.5 million, compared to PLN 4.1 million in the fourth quarter of 2020, and cumulatively in the four quarters of 2021 amounted to PLN 30.7 million compared to less than PLN 20 million in the same period of the previous year, it was announced.
The company still plans to move to the main floor of the Warsaw Stock Exchange, it was also announced.
The Mint of Treasury – a leading dealer of investment gold, as well as other metals and precious stones on the Polish market. He deals with the sale, purchase and storage of investment products as well as advising on the diversification of the investment portfolio. The company is listed on the NewConnect market.
Source: Mennica Skarbowa and ISBnews
