Comarch closes the first half of 2020 with an increase in revenues
The Comarch Group has presented its consolidated financial results for H1 2020. Sales revenues amounted to PLN 708.8 million and were by 6% higher than in the corresponding period last year. Within six months, the Group generated an operating profit of PLN 71.8 million, i.e. over PLN 25 million more than in the corresponding period of 2019, while the net profit attributable to Comarch SA shareholders was over PLN 34.5 million, which means an increase of over PLN 7 million compared to the corresponding period a year earlier. EBITDA in H1 2020 was higher by nearly PLN 32 million and amounted to PLN 118.2 million.
More than 60% of Comarch Group companies’ sales revenues were generated in foreign markets. Comarch developed sales of banking and finance, loyalty and ERP solutions in European and Asian markets. The value of revenues from foreign sales amounted to PLN 434.1 million and was by PLN 51 million higher than a year ago.
A large increase was recorded in sales to customers from the financial and banking sector, who purchased products worth PLN 121.2 million, i.e. by 37.5% more than a year ago, and to enterprises from the trade and services sector, where the revenues amounted to PLN 125.7 million, i.e. 12.3% more than in H1 2019. The two-digit dynamics were also recorded in the sale of systems for the health sector. Medical facilities purchased products worth PLN 19.7 million, i.e. by over 44% more than in H1 2019. The Group also improved its result in the industry and utilities segment, generating sales worth PLN 86 million, which is nearly by 8% higher when compared to the previous year figure. The sales of systems in the SME segment are also growing dynamically. The sales value of ERP business management solutions in Poland and abroad amounted to PLN 144.3 million, increasing by more than 13%. The sales to public sector customers have decreased. In H1 2020, Comarch provided products and services for public administration worth PLN 56.9 million, which is by PLN 12.4 million less than a year ago. Revenues from sales of IT systems and services to telecommunication companies reached PLN 142 million and were by 11.6% lower compared to H1 2019. The lower value of revenues was related to the completion of several large contracts in Q2 2020 and the related conversion of long-term contracts according to IFRS 15.
- The business situation in H1 2020 confirmed that maintaining diversification of revenue sources and diversity of the offer is beneficial for the stable development of the Group’s operations, especially in the difficult conditions of a global pandemic. This complicated macroeconomic situation requires increased efforts and constant emphasis on further development in order for the company to secure a successful exit from the global economic crisis. Therefore, we actively search for new markets, observe the current business conditions in individual markets, adjusting the model and scale of operations to them and continue investing in new IT products and services, incurring expenditure on R&D activities”, says Konrad Tarański, Vice President, Chief Financial Officer of Comarch SA. “Thanks to very good financial results achieved in H1 2020, the financial situation of the Comarch Group is stable and guarantees the safety of its operations in the case of the changing macroeconomic situation in Poland and worldwide.