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Dynamic Profit Growth of Asseco SEE Group – EBIT Up 39% In 1H 2020

Very good Q2 thanks to growing Payment and improved efficiency in all segments

Q2 2020 Highlights

  • Double-digit growth in sales revenues which amounted to EUR 52 million, up 12%, mainly due to growing revenue in Payment business unit
  • Double-digit growth in net profit which reached EUR 6.1 million, up 41%
  • Double-digit growth in operating profit which totaled EUR 8 million, up 48%
  • Operating profitability amounting to 15.3%

 

Half-year 2020 Highlights

  • Double-digit growth in sales revenues which amounted to EUR 104.6 million, up 19%
  • Revenues growth in all business units:

    • o Revenues in Payment business unit totaling EUR 50.4 million, up by EUR 12.9 million
    • o Sales in Banking business unit reaching EUR 20.4 million, up by EUR 0.7 million
    • o Dedicated Solutions business unit –reaching EUR 33.8 million in Sales, up by 3 million

  • Double-digit growth in net profit which reached EUR 11.5 million, up 33%
  • Double-digit growth in operating profit which totaled EUR 14.4 million, up 39%
  • Operating profitability amounting to 13.8%
  • Backlog amounting to EUR 201.2 million, up 19%

 

Warsaw, 6 August 2020. Asseco South Eastern Europe Group (WSE: ASEECOSEE, ASE) has announced second-quarter and half-year 2020 financial results which continue being better than in the same period of the previous year. The Group recorded a very good quarter thanks to growing Payment and improved efficiency in all segments.

Sales revenues of Asseco SEE Group at the end of the first half of 2020 totaled EUR 104.6 million, up EUR 16.7 million (19%) compared with the corresponding period of the last year. The revenue growth was recorded by all business units of the company led by the Payment business unit. Half-year 2020 operating profit of the Asseco SEE Group amounted to EUR 14.4 million, up 39% (up EUR 4 million). Operating profitability grew from 11.8% after six months of the previous year to 13.8% at the end of the first half of this year. Half-year 2020 net profit totaled EUR 11.5 million, up 33% compared with the same period of the last year. The company announced revenue backlog value for 2020 amounting to EUR 201.2 million, up 19% compared with 2019.

- Asseco SEE Group continued very good performance in the second quarter of 2020 resulting in revenues and profit growth in all areas of its operations. Growing POS and ATM business as well as maintained performance of eCommerce, including 3D secure contribute to improving results of Payment, while demand for multichannel solutions and mobile banking together with higher efficiency translate to further growth in profitability of Banking. We have also recorded better results in Dedicated Solutions due to cost savings in own solutions. With the acquisition of Croatian ECR companies - IPS and GRC, we are making an important addition to the merchant-oriented solutions portfolio. What is also important to mention is that we have experienced no significant impact of COVID-19 on Asseco SEE and Payten business so far,” - commented Piotr Jeleński, President of the Management Board of Asseco South Eastern Europe S.A.   

 

Business unit results for half-year 2020 

  • Payment business unit recorded an increase in sales revenues of EUR 12.9 million (34%) amounting to EUR 50.4 million, with the biggest growth, up 41%, generated in the POS related services business line with the revenues totaling EUR 27.4 million. Revenues of e-Commerce business line were up 42% (that is up EUR 2 million), Processing down by 13% (EUR 0.2 million), and ATM-related services up 26% (that is up EUR 3.1 million). The operating profit of the Payment business unit increased by EUR 2.1 million (35%) and in the first half of 2020 amounted to over EUR 8 million.
  • Sales revenues of Banking business unit amounted to EUR 20.4 million, an increase of EUR 0.7 million (4%) compared to the same period last year. The biggest increase was recorded in the sales revenues related to mobile solutions. Thanks to the better use of resources, the efficiency of the Banking business unit improved significantly in the first half of 2020. The operating profit after the first six months of 2020 was EUR 4.1 million, an increase of more than EUR 1,3 million (49%).
  • Half-year 2020 sales revenues of the Dedicated Solutions business unit totaled EUR 33.8 million, which represents an increase of EUR 3 million (10%) compared to the half-year results 2019. Higher revenues were recorded in the business line responsible for infrastructure and third-party solutions and integration services. The operating profit of the Dedicated Solutions business unit reached nearly EUR 2.3 million, an increase of EUR 0.6 million (35%) compared to the same period last year.

 

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