In H1 2022, the JSW Group generated a net result of PLN 4.2 billion. Accordingly, in Q2 2022, the JSW Group recorded a net result of PLN 2.36 billion, up 27.3% from the previous quarter. In turn, the Group’s Q2 EBITDA (net of non-recurring events) was PLN 3.88 billion, or 49.5% more than in Q1 2022.

“The JSW Group keeps demonstrating its ability to operate in a changing and surprising market environment,” says Tomasz Cudny, President of the JSW S.A. Management Board. “The recent unexpected geopolitical changes have greatly complicated the situation not only in Europe, but also across the globe. Since the outset, JSW has been focused on building long-term relationships with our partners, enabling us to operate and generate profits in a volatile environment. Above all, we want to be perceived as a stable strategic supplier both within Europe and beyond, regardless of what the market situation may be at the moment. Since mid-2021, we have been dealing with supply challenges on the global coking coal market and with high prices of this commodity. The war in Ukraine has exacerbated concerns about the availability of raw materials, providing an impetus to additional price increases. Periodic strong upward and downward shifts in prices are part of the market environment for JSW’s business, meaning that we keep dealing with them regularly and are fully aware of their inevitability. This is one of the reasons why we have established a Closed-End Investment Fund in which we systematically invest our surplus funds. These investments provide the Group with financial security when the tide turns and times become tougher,” adds the JSW President.

In Q2 2022, the price for coking coal obtained by JSW averaged PLN 1,923.63 per ton, or more than 40% above that obtained in the previous quarter. In turn, the average coke price in Q2 2022 was PLN 2,670.57 per ton, up by over 35%. As a result, sales revenues in Q2 2022 were higher by over 21% compared to Q1 of this year and reached PLN 5.97 billion. 

In the period under analysis, JSW’s mines produced 3.40 million tons of coal in total (including 2.7 million tons of coking coal), down 9.7%. Coke production in Q2 2022 was slightly higher than in the previous quarter and stood at 0.88 million tons. The total sales of coal extracted in the Group's mines stood at 3.58 million tons, down 11.7% compared to the previous quarter. In the reporting period, sales of coke to external recipients were lower by more than 12%, having reached 0.82 million tons in total.

In Q2 2022, the JSW Group spent PLN 605 million on capital expenditures on a cash basis. This is more by 11.8% than in the first quarter of the year. Modernization of coke oven battery no. 4 at the Przyjaźń Coking Plant is the JSW Group’s flagship capital expenditure project. 

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The JSW Group is the largest producer of high quality coking coal and a significant producer of coke in the European Union. Coking coal, also known as metallurgical coal, has been identified as one of the 30 critical raw materials for the European Union. This strengthens the strategic importance of the JSW Group for the European economy.