Poland's Grupa Azoty posts Q1 net loss again amid high gas prices
28/05/2025 17:08
GDANSK, May 28 (Reuters) - Grupa Azoty ATTP.WA, Poland's largest chemical company, posted a first-quarter net loss similar to last year's, as high natural gas prices and competition from Russian and Belarusian fertilizer imports continued to hurt profitability. The company's net loss narrowed slightly to 288.2 million zlotys in the first quarter, compared with a loss of 295 million zlotys in the same period of 2024. WHY IT'S IMPORTANT Grupa Azoty is the second-largest producer of mineral fertilizers operating in the European Union, behind Norway's Yara YAR.OL, according to company data from 2024. CONTEXT Since late 2022, the company has faced financial challenges due to high gas prices, increased competition from cheaper Russian and Belarusian fertilizer imports, and cost overruns on its Polimery Police petrochemical project. To mitigate losses, Grupa Azoty has been restructuring debt, cutting costs, intensifying sales efforts, and exploring the sale of assets such as its German fertilizer business, Compo Expert. BY THE NUMBERS The company's first-quarter operating loss widened to 291.8 million zlotys, compared with a loss of 259.6 million zlotys in 2024. Revenues for the quarter rose around 12% to 3.82 billion zlotys. (Reporting by Rafal W. Nowak; Editing by Hugh Lawson) ((RafalWojciech.Nowak@thomsonreuters.com; +48 58 769 66 63;))