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Asseco Q1 2024: Strong Sales Growth, Diversification Fuels Profitability

COMPANIESAsseco Q1 2024: Strong Sales Growth, Diversification Fuels Profitability

In the first quarter of 2024, the Asseco Group achieved PLN 4.25 billion in sales revenue, of which PLN 3.3 billion was from the sale of its own products and IT services. Operating profit increased by 6% to PLN 420 million, and net profit attributable to shareholders of the parent company, after a 16% increase, amounted to PLN 125 million.

During the reporting period, the Group developed its activities both in Poland and abroad. Sales revenue in the Asseco Poland segment increased by 11% to PLN 509 million. The most dynamic growth of 19% was seen in the sales of financial solutions. Asseco also continued its cooperation and entered into new contracts with public sector institutions, resulting in a 9% increase in revenue in this area.

The Group’s results are highly diversified – 88% of sales come from foreign markets represented by the Formula Systems and Asseco International segments. Sales in the Asseco International segment amounted to PLN 955 million. Excluding the effect of exchange rate differences, this represents a 5% increase compared to the first quarter of 2023. This segment saw an increase in the sales of payment solutions and banking in the Asseco South Eastern Europe Group. The ERP area, represented by the Asseco Enterprise Solutions Group, also grew organically. Meanwhile, the Formula Systems segment recorded PLN 2.8 billion in revenue, which increased by 9% after excluding the impact of exchange rate differences. Excellent results, in reporting currencies, were noted by Sapiens International and Matrix IT companies.

Asseco’s consolidated order backlog for 2024, in the area of its own software and services, currently stands at PLN 11.2 billion. In constant currencies, in which the backlog for 2023 was converted, it exceeds PLN 11.9 billion and is 7% higher than in the same period last year.

“This is another very good period for Asseco. Strong business diversification at the product, sector, and geographic market levels, as well as long-term relationships with customers and a high share of recurring revenues, ensure stable development for the Asseco Group. Excluding the effect of exchange rate changes, our revenues grew by 8% during this period, and operating profit by 13%. We also have good prospects and a backlog for the entire 2024 in all segments of our operations. In the Asseco Poland segment, revenue growth was the highest. We are seeing very good sales results in Poland for financial and public institution solutions. The Formula Systems Group is steadily strengthening its position in Israel, North America, and Europe. The first quarter of 2024 was also good for the Asseco International segment, which intensively developed sales of ERP solutions, payment systems, and banking software during this period,” said Karolina Rzońca-Bajorek, Vice President of the Management Board, CFO of Asseco Poland.

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