PGZ Stocznia Wojenna, which belongs to the Polish Armaments Group, closed the year 2023 with a net profit of over PLN 36.4 million. This is the second consecutive positive financial result for this company since the Polish Armaments Group took it over from the Syndic of the assets of the Stocznia Marynarki Wojennej in liquidation bankruptcy. The organisational changes and modernisation of the Shipyard, which have been consistently implemented for several years, are bringing tangible financial results.
PGZ SW has substantially improved its results compared to the previous year. The Shipyard generated an operating profit of PLN 31 million (PLN 14.6 million in 2022) by making a leap in production efficiency. This is the result of implemented changes in technology and work organisation. The company has invested significant funds in automation and robotisation of production over the last three years. Many organisational improvements have also been implemented, introducing modern methods of managing the company’s resources. As a result of the measures taken, the EBITDA margin reached a high level of 18% (6 p.p. higher than in the previous year).
– If I had to name just one factor that contributed most to the profit in 2023, it would be consistency: consistency in the implementation of the Company’s adopted development strategy, which we have been implementing with determination for the third year, said Paweł Lulewicz, President of the Management Board of PGZ SW. – Although this was the first year of physical implementation of huge investments in infrastructure and machinery and equipment, it was preceded by two years of meticulous preparations and changes in the organisation of work and raising the competence of employees and the whole shipyard. And it is the results of these activities that have translated into profit, both on sales and net,” added President Lulewicz.
PGZ Stocznia Wojenna is the main contractor for the Miecznik programme – the construction of three multi-purpose frigates for the Polish Navy. The vessels will significantly increase the capabilities of the Polish Navy and allow it to perform a wide range of tasks at sea, including securing shipping lanes and critical infrastructure, among others. The vessels will increase the combat potential of the Polish Armed Forces, but will also be an important contribution of the Republic of Poland within the North Atlantic Alliance, e.g. by carrying out tasks as part of NATO Standing Ship Teams.
The implementation of the project in Poland will generate approximately 2,000 jobs in shipyards, defence companies and other industrial sectors directly involved in the project. The competencies gained will develop new opportunities and help work on other projects for the Polish Navy.
Selected financial results of PGZ Naval Shipyard in 2020-23
| 2020 | 2021 | 2022 | 2023 | |
| Income | 166 673 206,16 | 121 265 242,95 | 177 152 429,45 | 215 392 691,31 |
| Profit from sales | -14 389 309,04 | -33 159 772,71 | 8 820 417,26 | 27 445 039,36 |
| Operating profit | -26 363 255,81 | -257 289,02 | 14 632 376,74 | 31 260 079,24 |
| Gross profit | -29 207 848,74 | -1 298 763,39 | 2 536 821,81 | 39 612 466,58 |
| Net profit | -13 562 913,00 | -20 396 591,39 | 21 149 096,15 | 36 372 061,18 |
| EBITDA | -17 221 989,22 | 8 859 507,08 | 22 073 060,35 | 38 812 888,52 |
| EBITDA margin | -10% | 7% | 12% | 18% |
