Polish state-owned companies experience economic boom

A clear period of economic stagnation was visible due to the COVID-19 pandemic. However, after the first quarter of this year, 15 leading state-owned companies have already earned 85 percent of their profits for the whole of 2020. In total, they earned over PLN 9.5 billion (EUR 2.1 bn).

Due to the increase in vaccinations and decrease in infections the economy is back on track. This translates directly into the results of state-owned companies, which have just recorded the best results in several years.

The leaders of this economic rise are PKN Orlen with PLN 1.9 billion (EUR 417 mln) in profit, PGNiG with PLN 1.7 billion (EUR 373 mln), KGHM with PLN 1.3 billion (EUR 285 mln) and PKO BP with PLN 1.2 billion (EUR 263 mln), according to the money.pl website.

Although the oil giant PKN Orlen, headed by Daniel Obajtek, recorded a very high loss of over PLN 2.2 billion (EUR 483 mln) in 2020 due to the COVID-19 pandemic, now with PLN 1.9 billion (EUR 417 mln) of net profit the situation looks bright for the company.

“The very good financial results generated by the Orlen group in an exceptionally difficult market environment confirm the legitimacy of the adopted directions of operations,” Daniel Obajtek said.

“After the first three months of this year, only JSW and PKP Cargo recorded a deficit," the money.pl website noted. Although their losses amounted to PLN 188 million and PLN 71 million respectively, they were still much smaller than in the previous year.