PGZ records huge revenue in 2014

The Polish defense holding Polska Grupa Zbrojeniowa (PGZ) recorded over PLN 5 billion in revenue and PLN 226 million net profits last year, Wojciech Dąbrowski, the CEO at PGZ said at a press conference on Tuesday. Consolidated revenue reached nearly PLN 2 billion and consolidated net profits stood a PLN 84.8 million. "We have formally completed the consolidation process of our group," said Dąbrowski. He added that the group had to provide loans to some of its entities and undergone some structural changes. Since PGZ sees the Polish Army modernization program as crucial for its future growth. Dąbrowski asserted that the group has been preparing for carrying out the key projects for the air force and the navy. Polska Grupa Zbrojeniowa (PGZ) is a consortium of some 30 Poland's defense sector companies established in 2013.