ASEE Group achieved over 17% increase in operating profit in Q2 2021
Another good quarter for the company thanks to increased sales revenues in Payment business unit and improved efficiency in Dedicated solutions
Highlights - double-digit growth in key indicators in Q2 2021
- Doble-digit growth in sales revenues which amounted to EUR 60.3 million, up 16%
- Double-digit growth in sales revenues in Payment business unit reaching EUR 30.2 million, up 19%
- Double-digit growth in sales revenues in Dedicated solutions business unit reaching EUR 18.2 million, up 16.6%
- Double-digit growth in net profit which amounted to EUR 7.7 million, up 26%
- Double-digit growth in operating profit which totaled EUR 9.33 million, up over 17%
- Operating profitability amounting to 15.5%
- Double-digit growth of EBIDTA which reached EUR 13.5 million, up 10%
Warsaw, 5 August 2021. ASEE Group (WSE: ASSECOSEE, ASE) has announced second-quarter and half-year 2021 financial results which once again were better than the results in the corresponding period of the last year.
- Good financial performance of ASEE Group in the second quarter of 2021 results primarily from an increased sales in the Payment business unit as well as improved efficiency in Dedicated solutions. Additional impact on our scale of business had a consolidation of AI and Machine Learning company ThingsSolver and e-Commerce company Vebspot since this year as well as the ECR companies bought by Payten in Croatia – IPS and Gastrobit – whose results have been consolidated since June and August - commented Piotr Jeleński, CEO of ASEE Group.
Sales revenues of ASEE Group in the second quarter of 2021 amounted to EUR 60.3 million, up 16% (EUR 8.3 million) compared with the corresponding period of the last year. The biggest increase, up as much as 19%, was generated by the Payment business unit where sales revenues reached EUR 30.2 million. Operating profit of the Group amounted to EUR 9.33 million and EBITDA to EUR 13.5 million, up 17% and 10% respectively. Consolidated second-quarter net profit totaled EUR 7.7 million, up 26 % compared with the corresponding period of 2020.
Payment business unit (Payten)
Sales revenues of the Payment business unit in the second quarter of 2021 amounted to EUR 30.2 million, up 19% (EUR 4.8 million) compared with the corresponding period of the last year. The growth came mainly from the POS related services business line where sales revenues were up EUR 4.3 million compared with Q2 of the previous year. Sales revenues grew also in the Processing and eCommerce business lines by EUR 0.24 million and EUR 0.40 million respectively. Operating profit totaled EUR 5.0 million, up EUR 0.6 million (15%) thanks to mainly Processing as well as SinglePOS and ECR business lines directed at merchants. Consolidated EBITDA reached EUR 8.1 million, up EUR 0.4 million (6%) compared with the corresponding period of the last year.
Banking business unit
Sales revenues of the Banking business unit in the second quarter of 2021 reached EUR 11.9 million, up 8% (EUR 0.9 million) compared with the second quarter of the last year. Increased revenues were generated by the security and omnichannel business lines. Operating profit and consolidated EBITDA remained at a similar level compared with the corresponding period of the last year and amounted to EUR 2.6 million and EUR 3.3 million respectively.
Dedicated solutions business unit
Sales revenues of Dedicated solutions business unit in the second quarter of 2021 amounted to EUR 18.2 million, up EUR 2.6 million (17%) compared with the second quarter of the last year. Increased sales revenues were recorded mainly by the proprietary dedicated solutions business line. Operating profit totaled EUR 1.7 million, up EUR 0.7 million (72%). Increased operating profit was generated by both business lines of Dedicated solutions business unit – proprietary solutions and third party solutions with integration services. EBITDA amounted to EUR 2.1 million, up EUR 0.7 million (50 %) compared with the corresponding period of the last year.
Half-year 2021 financial results
Financial results of ASEE Group in the first half of 2021 were also better compared with the first six months of the previous year. Sales revenues amounted to EUR 115.6 million, up 11% (EUR 11.1 million) compared with the corresponding period of the previous year. Operating profit reached EUR 17.8 million, up 23%, whereas EBITDA totaled EUR 26.1 million, up almost 13%. Consolidated net profit after first six months of 2021 amounted to EUR 14.8 million, up 28% compared with first six months of 2020. The company announced backlog value for 2021 amounting to EUR 214.7 million, up 7% compared with the last year.
ASEE Group is one of the biggest IT companies in the area of production and implementation of its own software solutions and services in the region of South Eastern Europe, Turkey, Spain, Portugal, Andorra, Colombia, Peru, Dominican Republic, Slovakia and Czech Republic. The Company provides ICT solutions for various industry verticals including the financial sector, payment sector, public administration and telecoms. The company provides products and services within Payment business under Payten name. Since October 2009, the shares of ASEE (WSE: ASEECOSEE, ASE) have been listed on the Warsaw Stock Exchange. ASEE Group employs over 3,000 people in 23 countries. More than 10 banks out of the 15 largest ones in Southeastern Europe are already clients of ASEE.
Monika Perek, CMO
Tel.: +48 22 574 86 38
see.asseco.com ǀ payten.com