Energomontaz-Polnoc: improved financial performance in 2009

2010-02-25

The Energomontaz-Polnoc group reported better results in 2009, with revenues up by 21% in relation to 2008 and its net profit jumping by 39% compared with 12 months' previously.
In 2009 the group generated revenues of PLN 391.9m (€98m) and a net profit of PLN 32.6m (€8.2m). It also achieved higher margins last year: its operating margin rose from 6.9% to 8.4% and its net margin was up from 7.3% up to 8.3%. The promising results are a consequence of completing a number of large orders in the chemicals and power engineering branches and keeping operating costs low.
In 2009 the company spent over PLN 53m (€13.3m) on modernisation and development projects. Towards the end of December last year Energomontaz bought some of the assets belonging to the Gdynia Shipyard, thereby giving it access to the port wharf. This investment will allow the company to develop its production potential for large-sized structures. In the coming years the company likewise hopes to win contracts in the power engineering sector – according to the company's senior management, investment outlays in this branch will reach €50bn over the next 15 years.

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