Double-digit growths in Asseco SEE in Q3 2018
Asseco South Eastern Europe Group, (WSE: ASEECOSEE, ASE) has announced third-quarter 2018 financial results according to which the company recorded 64% increase in net profit, 41% increase in operating profit and 18% increase in sales revenues compared with the third quarter of 2017.
- Double-digit sales revenues which amounted to EUR 35,4 million, up 18%
- Double-digit sales revenues growth in the System Integration business unit – revenues totaling EUR 13.5 million, up more than 25%
- Double-digit sales revenues growth in the Payment business unit – revenues amounting to EUR 12.8 million, up over 14%
- Double-digit sales revenues growth in the Banking business unit – revenues reaching EUR 9.1 million, up 15%
- Double-digit growth in operating profit which amounted to EUR 4.4 million, up 41%
- Operating profitability amounting to 12,4%
- Double-digit growth in net profit which totaled EUR 4.3 million, up 64%
- Double-digit growth in backlog which amount to EUR 139.9 million, up 12%
In the third quarter of 2018 the company generated growths in all business units. The biggest increases were achieved by System Integration business unit where sales revenues grew EUR 2.7 million from EUR 10.8 million to EUR 13.5 million, up 25% compared with the corresponding period of the last year. Most of this growth (EUR 2.3 million) was generated by the business line responsible for the delivery of third party infrastructure, solutions and integration services. Sales revenues also grew in the Payment business unit in the third quarter of 2018 reaching EUR 12.8 million, up 14% (EUR 1.6 million) compared with the third quarter of 2017. The biggest increases came from the business lines responsible for ATM and POS maintenance and card processing. Similar percentage growth, 15%, was observed in the Banking business unit where sales revenues totaled EUR 9.1 million, EUR 1.2 million more than in the corresponding period of the last year. Bigger sales revenues were recorded in all business lines of the Banking business unit with security solutions being the biggest contributor.
I am glad that such good financial results of ASEE Group achieved in the third quarter of 2018 are due to a considerable improvement in all business units of the company. In the last quarter we observed increased interest in our security products as well as digital banking solutions. Our expertise in digital banking was recognized by Gartner who listed ASEE as a Representative Vendor in Gartner’s Market Guide for Digital Banking Platforms. We also managed to enter a new geographic market with our PSD2 Enabler Package solution which enables banks to meet requirements of PSD2, which we sold to a bank in Malta. The third quarter of 2018 was also one more quarter of growth in the Payment business unit, especially in POS operations and card processing - commented Piotr Jeleński, President of the Management Board of Asseco South Eastern Europe S.A.
Operating profit of the ASEE Group in the third quarter of 2018 amounted to EUR 4.4 million, up 41% compared with the corresponding period of the last year. Operating profitability of ASEE Group in the third quarter of 2018 reached 12.4%. Whereas net profit for the third quarter of 2018 totaled EUR 4.3 million, up 64% compared with the same period of the last year. The company announced backlog value for 2018 amounting to EUR 139.9 million, up 12% compared with 2017.