Preliminary financial results for FY2022
According to preliminary financial data, the TORPOL Group, one of the leading entities in the market for the construction and modernisation of railway infrastructure in Poland, has recorded the highest profits in its history. Consolidated gross profit on sales increased by 78 per cent compared to 2021 and amounted to PLN 259.3 million, while net profit was improved by almost 140 per cent to PLN 184.8 million. The Group’s net sales revenue reached over PLN 1.08 billion (-3 per cent year-on-year).
The results achieved in 2022 are the effect of many years of dedicated and professional work of the TORPOL staff, as well as a stable financial position and the availability of specialised equipment. Thanks to the proper organisation of execution processes and close monitoring of costs, we have significantly reduced the materialisation of risks taken into account in the original offer valuations,– said Grzegorz Grabowski, President of TORPOL S.A.
The Group is in a very good financial and liquidity position, with cash and cash equivalents amounting to PLN 492.8 million at the end of 2022.
The Group is in a very good financial and liquidity position, with cash and cash equivalents amounting to PLN 492.8 million at the end of 2022.
The year 2023 will undoubtedly be a very difficult period, full of new challenges and requiring difficult business decisions and solutions, both for the TORPOL Group and the entire railway infrastructure construction industry. Despite the announcement in 2022 by PKP PLK S.A. of more than a dozen tender proceedings with a total value exceeding PLN 18 billion, the active market struggle of companies at electronic auctions, which in the majority of proceedings determined their outcome, no significant contract for the execution of works has been signed to date due to the lack of funding sources. This growing investment gap is further compounded by the complicated geopolitical situation related to Russia’s aggression against Ukraine resulting in above normal increases in energy and fuel prices, further destabilising the market. We are still waiting for European funds to be released as soon as possible, which in my opinion is crucial for the market situation in 2023, as well as in the following years. We are taking an active part in all proceedings announced by the railway infrastructure manager in Poland and we are also applying for a project on the railway line via Rail Baltica (with regard to the construction of a 25 kV overhead line and power supply system), implemented in Lithuania, Latvia and Estonia, connecting these countries with Warsaw and the rest of Europe. Together with our partners, we have qualified for the second stage of this very large international railway project, – added Grzegorz Grabowski.
According to the preliminary financial results, TORPOL S.A. achieved net sales revenues of PLN 994.6 million (-3.5% y/y). Gross sales profit amounted to PLN 251.3 million (+82% y/y) and net profit to PLN 184.2 million (+144% y/y).
The company plans to publish its full annual report on 10 March of this year.