The Comarch Group has published its financial results for the four quarters of 2020. Within 12 months the Company’s sales revenues amounted to PLN 1.54b and were almost PLN 100m up than a year ago. The net profit attributable to the shareholders of the Parent Entity amounted to PLN 118.7m and was PLN 13.8m up on the 2019 figure, and the operating result amounted to PLN 186.8m, or over PLN 43m up than a year ago. EBITDA increased by PLN 43.6m amounting to PLN 271.9m.
Comarch’s increase of the revenues was driven by both development of foreign business, and sales growth on the Polish market. The total foreign sales of the entire Group amounted to PLN 899.7m, which represents 58.4% of the total business. Q4 2020 saw successful development of sales to banking, finance, and public sectors, ERP solutions included.
The sales revenues in Q4 2020 reached PLN 474m. The operating profit stood at PLN 68.9m, while the net profit attributable to the shareholders of the Parent Entity amounted to PLN 51.8. In Q4 2020, the Group generated EBITDA amounting to PLN 89.1m.
– Thanks to very good financial results achieved in the four quarters of 2020 and the previous periods, the financial situation of the Comarch Group is stable and guarantees safety of its operations in the case of a changing macroeconomic situation in Poland and worldwide. It’s of particular importance when faced with the spread of the Covid-19 pandemic and economic consequences caused by it. The Comarch Group continues to follow the adopted strategy and knowingly incurs the development costs of new products and new business segments, increasing its research and development expenditures, and also expands its business on foreign markets, that way investing in building its competitive advantage in the future, says Konrad Tarański, Vice President and Chief Financial Officer at Comarch.
In 2020 sales to telecommunications companies accounted for the largest part of revenues. Their value amounted to PLN 300.5m. The sales to finance and banking sectors recorded a large increase of almost 36%. Those customers purchased products for PLN 258.7m, or nearly PLN 67.7m more than in 2019. The sales of systems and services to public administration also recorded an increase. Their value amounted to PLN 154.1m, or PLN 23.8m more than in the previous year. Revenues in the medical sector grew fastest, increasing by 56% y/y, reaching PLN 40.5m. Comarch also significantly improved the sales of ERP solutions for small and medium-sized enterprises In Poland. Their value amounted to PLN 205.8m, or around PLN 15m more than in the previous year. The sales of ERP solutions on the DACH market grew by nearly 26%, exceeding PLN 126m. A small decline in the revenues was seen in the trade and service sector (5.9% down), which was caused by decreasing demand for IT solutions among customers from industries affected by the consequences of the Covid-19 pandemic and in the sector of industry and utilities (down by 0.5%).
- The business situation in 12 months of 2020 confirmed that maintaining diversification of revenue sources and diversity of the offer is beneficial for the stable development of the Comarch Group's business. By focusing on selling in-house solutions, the Company recorded a significant increase in the revenues and improvement of its operating profitability, says Konrad Tarański.
In 2020, the Comarch Group increased its workforce, mainly as a result of the implementation of the programme of a student summer internship in Q3. As at the end of 2020, the Comarch Group was employing 6,348 people, or 114 more than at the end of 2019.