Asseco Poland's Q2 '24 net profit at PLN 110 mln, above consensus

Listed IT group Asseco Poland's Q2 ‘24 net profit was PLN 110 million (EUR 25.7 mln) vs. PLN 122.3 million (EUR 28.6 mln) a year earlier, the company said in its half-year report. The PAP Biznes consensus predicted a net profit of PLN 102.4 million (EUR 23.9 mln).

EBITDA, as calculated by PAP Biznes, was PLN 603.9 million (EUR 141.1 mln) against expectations of PLN 599.4 million (EUR 140.02 mln).

Revenues amounted to PLN 4,147.2 million (EUR 96k) against PLN 4,180 million a year earlier. Analysts had expected revenues of PLN 4,166 million (EUR 973k).

For the entire first half of the year, the Asseco Group generated approximately PLN 8.4 billion (EUR 1.96 bln) in sales revenue, down 1.4 percent year on year.

Operating profit was 4.1 percent higher than in the comparable period of 2023, at PLN 824.4 million (EUR 192.6 mln), and net profit attributable to shareholders of the parent company was PLN 235.2 million (EUR 54.9 mln), up 2.2 percent year on year.

According to the company, sales in the Asseco Poland segment increased by 2 percent year on year in the first half of the year to PLN 992 million (EUR 231.7 million), mainly due to growing sales in the area of solutions for finance and public institutions.

Sales of the Asseco International segment stood at PLN 1.96 billion (EUR 457.9 million), which, excluding the effect of exchange rate differences, was up 8 percent year on year. As reported, the segment saw an increase in sales in the area of payments in the Asseco South Eastern Europe Group. There was also an increase in revenues of ERP solutions in the Asseco Enterprise Solutions group.

The Formula Systems segment, on the other hand, recorded PLN 5.47 billion (EUR 1.3 bln) in revenue - excluding the effect of exchange rate differences, this represents an increase of 6 percent year on year.

"This is a superb half-year for Asseco. Our geographic, product and sector diversification of business and strong demand for digital solutions allow us to grow steadily. Excluding the effect of exchange rate fluctuations, our revenue grew by 6 percent and our operating profit by 11 percent during the period," Karolina Rzonca-Bajorek, deputy CEO, CFO of Asseco Poland, said.

"Moreover, we are systematically building the backlog, which allows us to look at the second half of 2024 with optimism. We are consistently implementing our M&A strategy," she added.

Asseco's consolidated order backlog for 2024, in the area of software and proprietary services, is currently worth PLN 12.4 billion (EUR 2.9 billion). At the constant exchange rates in which the backlog for 2023 was converted, it is 7 percent higher year on year.

pel/ nl/