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Another Year of Profits for PGZ Stocznia Wojenna

PGZ Stocznia Wojenna closed the year 2023 with a net profit of over PLN 36.4 million. This marks the second consecutive positive financial result since its acquisition by the Polish Armaments Group (PGZ) from the trustee of the bankrupt Naval Shipyard.

On Monday, June 10, 2024, PGZ Stocznia Wojenna, a subsidiary of the Polish Armaments Group (PGZ), announced that it closed the year 2023 with a net profit of over PLN 36.4 million. This marks the second consecutive positive financial result for the company since its acquisition by PGZ from the trustee of the bankrupt Naval Shipyard. The consistently implemented organizational changes and modernization of the Shipyard over the past few years are yielding tangible financial results.

Photos and images: PGZ Stocznia Wojenna

PGZ SW significantly improved its results compared to the previous year. The shipyard achieved an operating profit of PLN 31 million (compared to 14.6 million in 2022) through a substantial increase in production efficiency. This is the result of implemented changes in technology and work organization. Over the past three years, the company has invested significant funds in the automation and robotization of production. Numerous organizational improvements have also been introduced, adopting modern enterprise resource management methods. As a result of these actions, the company achieved a high EBITDA margin of 18% (6 percentage points higher than 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 organization 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 program—the construction of three multi-purpose frigates for the Polish Navy. These ships will significantly enhance the capabilities of the Polish Navy and enable the execution of a wide range of maritime tasks, including securing shipping lanes and critical infrastructure. The vessels will increase the combat potential of the Polish Armed Forces and serve as a substantial contribution by the Republic of Poland within the North Atlantic Alliance, for example, by performing tasks as part of NATO’s Standing Naval Forces.

The implementation of the project in Poland will generate approximately 2,000 jobs in shipyards, defense companies, and other industrial sectors directly involved in the project. The acquired competencies will enable the development of new capabilities and assist in work on other projects for the Polish Navy.

2020 2021 2022 2023
Income 166 673 206,16 121 265 242,95 177 152 429,45 215 392 691,31
Sales profit -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
EBIDTA -17 221 989,22 8 859 507,08 22 073 060,35 38 812 888,52
EBIDTA margin -10% 7% 12% 18%


Press release


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