The state-owned Polish Armaments Group (PGZ), the country's largest defence firm, increased its revenue and profit last year, a government minister said on Tuesday.
The group’s revenue in 2018 came to PLN 5.5 billion (EUR 1.28 billion, USD 1.43 billion) and was over PLN 550 million higher than a year earlier and almost PLN 1.2 billion higher than in 2016, Defence Minister Mariusz Błaszczak said.
Meanwhile, the defence firm’s net profit came to PLN 37.4 million in 2018, enabling it to end the year in the black after posting losses in the previous two years, according to data given by Błaszczak at a conference in Warsaw. Błaszczak told the Defence24 Day conference that the state-owned armaments giant was continuing to develop its business.
The Polish Armaments Group was established in 2013 in a move to consolidate the country’s armaments industry. The group comprises more than 60 businesses with a total of 17,500 employees.