Comarch IT posts PLN 1.5 mln attrib. net profit in Q2 2024, below consensus

Listed IT group Comarch posted PLN 1.5 million (EUR 350,550) attributable net profit in the second quarter of 2024, down by 94 percent year on year, the company's financial report showed. The PAP Biznes consensus was for PLN 16.5 million (EUR 3.9 mln) net take.

Comarch group's operating profit amounted to PLN 9.8 million (EUR 2.3 mln), up from PLN 4.5 million (EUR 1.1 mln) a year ago. This result was 57.5 percent lower than the consensus of PLN 23.1 million (EUR 5.4 mln).

EBITDA stood at PLN 35 million (EUR 8.2 mln), up 28 percent year on year and 26.7 percent below consensus of PLN 47.8 million (EUR 11.2 mln).

Sales revenue amounted to PLN 443.8 million (EUR 103.7 mln), up 12.4 percent year on year and 8.7 percent above consensus.

In the second quarter of 2024, the group achieved PLN 205.8 million (EUR 48.1 mln) in domestic sales, up by 12.5 percent from the prior year period. Foreign sales amounted to nearly PLN 238 million (EUR 55.6 mln), up by 12.3 percent year on year.

Foreign sales accounted for 53.6 percent of the group's total revenue.

As stated in the report, the increase in the value of revenues from foreign sales was significantly influenced by exchange rate differences realised and from the balance sheet valuation of trade receivables, related to the strengthening of the PLN exchange rate against foreign currencies, which increased sales revenues by PLN 1.95 million (EUR 455,700).

For the entire first half of 2024, Comarch had revenue of PLN 878.5 million (EUR 205.3 mln), EBIT of PLN 37.3 million (EUR 8.7 mln), EBITDA of PLN 87.3 million (EUR 20.4 mln) and the attributable net profit of PLN 23.5 million (EUR 5.5 mln).

Below are Comarch's results for the second quarter of 2024 in comparison to the PAP Biznes consensus and previous results (data in PLN million):

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