Most of Poland’s largest listed state-owned firms have grown in value since the country's conservative government came to power three years ago, according to a report.
The total market value of the 15 largest state-owned enterprises (SOEs) listed on the Warsaw Stock Exchange has increased by PLN 75 billion (EUR 17.5 billion, USD 20 billion) since the conservative Law and Justice (PiS) party won parliamentary elections in the autumn of 2015.
This stands in contrast to the previous three-year period when the combined market value of the 15 listed SOEs decreased under a centrist government led by the Civic Platform (PO) party, the website said.
The report comes as Poland’s ruling conservatives were this week summing up their three years in power and outlining their priorities for the months ahead.
The total market value of the 15 largest listed Polish SOEs has increased by nearly 40 percent over the past three years.
In November 2015, the combined capitalisation of these 15 companies was PLN 183 billion. It has now grown to around PLN 258 billion, according to the website.
Winners and losers
Coal miner Jastrzębska Spółka Węglowa has recorded some of the biggest market value gains over the past three years, with its shares rocketing by almost 500 percent on the Warsaw Stock Exchange, money.pl reported.
The company’s value increased from PLN 1.4 billion to PLN 8.3 billion on the back of restructuring and factors such as rising coal prices on international markets, according to the website.
Listed fuel companies have also posted gains under Poland’s conservative government, the website reported. The combined capitalisation of refiners Lotos and PKN Orlen has increased from PLN 31 billion in November 2015 to PLN 62 billion today, a growth driven by factors including new regulations limiting tax evasion, according to the website.
Meanwhile, listed state-owned bank PKO BP, copper giant KGHM, insurer PZU and gas and oil giant PGNiG have recorded market value gains of 38 percent to 59 percent.
Overall, nine of the 15 largest WSE-listed SOEs have gained over the last three years, while six have seen their market value decrease, the website reported.
Losers include energy groups Enea, PGE, Tauron and Energa, whose combined capitalisation has decreased by PLN 3 billion over the past three years, in part because they have been used by the conservative government to help the country’s ailing mining industry, money.pl reported.