Polish Coking Coal Producer JSW Provides Update for Q1 of 2021
Sales of coke coal in 1Q21 were carried out by the JSW Group in accordance with the adopted schedule. Revenues from coal sales to external customers reached PLN 917.6 million. Coke production was much higher, at 0.9 million t. This was 12.5% more than in the corresponding quarter of the previous year. Revenues from sales of coke and hydrocarbons to external customers in the period under analysis reached PLN 974.3 million and were 29.8% higher than in the previous quarter.
Total sales revenues of the JSW SA Group went up by 12% compared to the previous quarter, having reached nearly PLN 2 billion.
“We are experiencing a clear increase in demand for the JSW Group’s products. After months of stagnation, the economy is beginning to pick up momentum, which is a very promising sign for our company,” commented Barbara Piontek, President of the JSW SA Management Board.
In 1Q21, the volume of JSW’s coal production totalled approximately 3.4 million t, down 16.6% compared to 1Q20.
The Group’s revenues were favourably affected by the average coke price, which stood at PLN 885.60/t, up 5.7% compared to 1Q20. Significantly lower, by as much as 15.4%, was the average price of metallurgical coal, which in the period in question stood at PLN 413.08/t.
In the period under analysis, capital expenditures of the JSW Group amounted to PLN 536.4 million (in cash terms) and were 10.1% higher than in the last quarter of the previous quarter.
In 1Q21, the COVID-19 pandemic continued to exert a significant impact on the global economy and the situation in Poland. The adverse impact of the coronavirus also affected the JSW SA Group’s operations and financial performance. The JSW Group closed 1Q21 with a negative net financial result of PLN 179.2 million. In turn, EBITDA net of non-recurring events in the period in question was PLN 112.6 million.