Foreign Trade Enterprise Baltona S.A. closed the year 2022 with a record result of PLN 35.6 million net profit. Such a favorable result was possible due to the completion of the restructuring process after the company was taken over by the PPL Capital Group. The results of the first semester also clearly indicate revenue growth.
After the restructuring phase, which began when PPL took over supervision, Baltona continues to strengthen its position in the Polish market. Efficient company management, clear strategy, and stabilization of the aviation market after the COVID-19 pandemic period contribute to the growing financial results of the company.
”Last year Baltona generated PLN 35.6 million net profit. This is an excellent result, especially if we compare it to the loss of PLN 60.6 million in the pre-pandemic year of 2019. It indicates that the direction of changes and development that we have marked is appropriate and produces results. This is also confirmed by this year’s data. In the first half of 2023, Baltona’s revenue increased to PLN 379.2 million, or by 44 percent year on year” – emphasizes Bogdan Romaniuk, Member of the Board of PHZ Baltona S.A.
The company joined the PPL Capital Group in 2020. From that moment, the company’s restructuring process and its financial obligations, consolidation, rebuilding of significance and brand value began. All actions in Baltona’s restructuring were carried out on market principles, which were confirmed in appropriate tests of a private investor and creditor.
“When taking over Baltona, we had to face a number of challenges. The most important of them was substantial company debt, lack of a clear strategy, and ineffectual structure. To save the company, we also had to hire the right managers. The first step was the appointment of a new board, comprising experienced trade industry managers. Together with the new board, who could always count on our full support, we set goals and organized the structure ” – says Stanisław Wojtera, President of the Board of the Polish Airports State Enterprise.
Baltona is one of the oldest Polish enterprises founded just after World War II. It has been in operation continuously for 77 years. Since 2020, after about 10 years of break, it has returned to the State Treasury.
“Thanks to PPL and excellent cooperation with Baltona, we were witnesses to an extraordinary situation. A private company, which was taken over by a state entity, flourished and generates profit” – adds Stanisław Wojtera.
Currently, the company focuses on three business pillars – retail sales for passengers (travel retail), gastronomy (F&B) and shipchandling, that is, supplying ships. In the first half of 2023, Baltona strengthened its position by increasing the number of customers to over 3 million people, that is, +36 percent relative to the same period in 2022.
Duty-free shops and gastronomy venues are being gradually modernized in airports: Katowice-Pyrzowice, Warsaw-Modlin, Warsaw-Radom, Rzeszów-Jasionka (3rd quarter 2023), and Poznań-Ławica (4th quarter 2023/1st quarter 2024). In 2023 alone, over PLN 32 million was allocated for investments.
Baltona manages 38 shops in Poland (another store will be opened at the airport in Zielona Góra this year). It also has three points abroad (two in Romania and one in France), and 14 gastronomy locations. Currently, 745 people work within the Baltona Capital Group.
