Mennica Skarbowa has already sold 2.1 tons of gold in first nine months of 2025
The Company has recorded a 39% increase in sales to the level of PLN 890 million
Poland expected to break historic record in individual gold purchases – over 20 tons in 12 months
Mennica Skarbowa, a company listed on the NewConnect market of the Warsaw Stock Exchange, sold 2.1 tons of gold in the first nine months of this year. During this period, the Company’s revenues rose to PLN 890.9 million, compared to PLN 639.3 million recorded in the same period last year, which represents an increase of 39%. Globally, the third quarter of this year saw the highest gold sales since 2013. Worldwide investment in gold bars and coins exceeded 300 tons for the fourth consecutive quarter. According to the Management Board of Mennica Skarbowa, a historic record in gold sales to individual customers is likely to be set in Poland this year, potentially exceeding 20 tons of gold.
In the third quarter of this year, Europe continued to experience the economic recovery observed in the first half of the year, still driven by geopolitical and macroeconomic uncertainty. The strongest demand was seen in September and October, when the bull market captured media attention, triggering a surge in gold demand. This trend continued in the following weeks, especially after the widely publicized breach of the USD 4,000 price level per ounce of gold.
„Over the past few months, demand for gold has been enormous. Our branches saw queues of Poles buying mainly small amounts of gold. By the end of September this year, we had sold nearly 2.1 tons of gold products – one of the best results in our history. We estimate that Poland may set a historic record, with sales to individual customers exceeding 20 tons in all of 2025. It is also worth noting that some analysts predict that next year the price of gold may exceed USD 5,000 per ounce. These forecasts are justified especially given the intensifying conflict in Ukraine and the ongoing instability in the Middle East. Historically, gold has always sold well in such uncertain times, as investors treat it as a safe asset. However, it is important to remember that gold is a long-term investment – it generates returns over years. Observing the persistently high prices of gold, we want to introduce alternative assets to our offer. We will soon launch the sale of rare earth metals, which are used in sectors such as defense, energy, and new technologies. These strategic resources – currently sought after by the world’s major powers – will soon be available for purchase by any Polish investor.” – comments Jarosław Żołędowski, President of the Management Board of Mennica Skarbowa.
In the third quarter of 2025, the price of an ounce of gold in our local currency rose by 17% – from PLN 11,930 to PLN 13,950 at the quarter’s close. However, the real price rally did not begin until mid-August, when prices were still hovering around PLN 12,100 per ounce. Just six weeks later, the metal was valued at 15% higher. During this period, price corrections were minimal.
Persistently high gold prices contributed to a significant increase in the Company’s revenues. In the third quarter of 2025, the Company generated PLN 313.9 million in revenues, which is 22.7% more than in the third quarter of 2024. Incrementally, in 2025, Mennica Skarbowa generated PLN 890.9 million in revenue compared to PLN 639.3 million recorded in the comparable period of the previous year, which represents an increase of 39%. The third quarter of 2025 ended with a profit on sales of PLN 5.8 million. The gross sales margin in the third quarter of 2025 was 4.48%. Operating profit in the third quarter of 2025 amounted to PLN 5.5 million.
It is worth noting that the Company has a secure level of current assets, which ensures its ability to smoothly meet customer needs. The Company’s inventory at the end of the third quarter of 2025 amounted to PLN 106.9 million, representing a 42.3% increase compared to the same period of the previous year. This growth reflects the Company’s efforts to adjust its stock levels to the current demand in the investment-gold market. The Company holds a sufficient level of off-the-shelf stock, enabling it to continue conducting sales smoothly in the coming periods.
In the near future, Mennica Skarbowa plans to launch a new sales segment related to the trading of rare earth metals used, among others, in the defense, energy, and new technology sectors. This initiative will allow the Company to diversify its revenue streams and significantly increase turnover in the long term.
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Mennica Skarbowa – Poland’s largest dealer of investment gold and other precious metals, listed on NewConnect, the alternative market of the Warsaw Stock Exchange. The company’s main business area is the sale of investment gold (bars and bullion coins), as well as other precious metals and diamonds and collectibles. The company’s products can be purchased in 16 branches: in Bialystok, Bydgoszcz, Gdansk, Kalisz, Katowice, Kielce, Cracow, Lublin, Lodz, Poznan, Rzeszow, Szczecin, Warsaw, Wroclaw and Zielona Gora, as well as at the newly opened point of sale in Częstochowa and through the website: mennicaskarbowa.pl.
