INCM Looks to International Markets for Recovery

In its annual report for 2022, INCM (Imprensa Nacional Casa da Moeda), described the year as a period of recovery, with a progressive increase in international business, despite the challenges posed by the conflict in Ukraine, the scarcity of raw materials and inflationary pressures.

The state-owned company, which produces coins as well as Portugal’s ID documents, tax stamps and other non-banknote security documents, recorded a turnover of €118 million, up by nearly 20% compared with 2021, EBITDA up by 30% to €35.1 million, and net profit of €20.4 million, an increase of 24%.

It managed to achieve 99.96% of its investment plan for the year 2022, amounting to just under €15 million.

Whilst traditionally the supplier of documents (and coins) to the Portuguese government, it is setting its sights firmly on the international market, and last year exports products and services amounted to €14.7 million, an increase of 80%.