Business
22:19 12 November 2020
Post by: WBJ

Mint of Treasury records best results in its history due to demand for gold

Mint of Treasury records best results in its history due to demand for gold
Source: Mint of Treasury

Largest dealer of investment gold and other precious metals in Poland, MInt of Treasury (Polish Mennica Skarbowa), generated the best financial results in its history in the third quarter of 2020. The company's revenues amounted to PLN 135.5 million, i.e. over PLN 60 million more y/y, and the profit was PLN 6.9 million – as much as 282 percent more than in the same period a year earlier. The Management Board emphasized that the results were influenced, among others, by effective use of the current market situation – high demand for gold, systematic activities aimed at the development of business activities, as opening new branches and developing online sales. In the opinion of the Management Board of the Mint of Treasury, thanks to the increasing popularity of gold among Polish investors, the company faces further dynamic development and increasing its market share.

“The current results are the result of the adopted management policy and the continuation of the full use of the potential of the residence and supply trends in the gold market. For several years we have been developing at a linear pace, now it has simply accelerated due to circumstances. We are trying to systematically develop our business, look long-term, not counting on quick profit or one-off financial results. We want to maintain an upward trend, which is why we attach great importance to the implementation of our strategy and to promoting gold as a safe investment,” Jarosław Żołędowski, President of the Management Board of the Mint of Treasury, emphasized.

The high financial results of the company, 96 percent of whose revenues come from gold trading, was mainly due to the increased demand for gold. The pandemic, elections in the United States, and a number of other factors contributing to the uncertain situation in the global markets have recently stimulated the gold exchange rate, which has been recording historical results for several months.

(WBJ)


gold
financial data
pandemic
jarosław żołędowski
mint of treasury

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