Asseco continues dynamic growth with double-digit increase of results after three quarters of 2021
After three quarters of 2021, Asseco generated sales revenues of PLN 10.3 billion, up by 18% year-on-year. Sales of proprietary IT products and services accounted for 79% of total revenues and reached PLN 8.1 billion. Consolidated operating profit surpassed PLN 1 billion, recording a 23% increase. Net profit attributable to shareholders of the parent company increased by 35% to PLN 362 million. The Group recorded double-digit growth in all sectors and business segments, while maintaining profitability.
After 9 months of this year, non-IFRS operating profit stood at PLN 1.3 billion and was higher by 24%, while non-IFRS net profit amounted to PLN 386 million, up by 27%.
The Asseco Group consistently pursued its development strategy while supporting its clients in digital transformation, which has become a priority for companies and institutions. This enabled the Group to achieve double-digit increases in revenues and profits across all of its business segments and sectors.
Foreign markets, represented by the Formula Systems and Asseco International segments, accounted for 89% of the Group's total sales. The Formula Systems segment revenues surged by 21% to PLN 6.7 billion in the first three quarters of 2021, while its operating profit improved by 17% to PLN 522 million. Sales of the Asseco International segment increased by 14% to PLN 2.5 billion, while operating profit improved by 27% to PLN 319 million. In the Asseco Poland segment, sales revenues reached PLN 1.1 billion or were higher by 11% than in the corresponding period last year; whereas, operating profit improved by 34% to PLN 207 million.
In the reporting period the Group managed to increase its sales to the general business sector by 26%, to public administration sector by 16% and to the banking and finance sector by 12%. Asseco's revenues are well diversified by sectors. General business was responsible for 41% of sales, banking and finance for 35%, and public institutions for 24%.
In Q3 2021 alone, the Group recorded sales of PLN 3.5 billion, which marks an increase by 19%. Operating profit amounted to PLN 373 million, after an increase by 25%, and net profit attributable to shareholders of the parent company, after an increase of 33%, reached PLN 120 million. This is historically the highest level of consolidated net profit on core business activities (in Q3 2017 net profit was impacted by one-off events in the amount of PLN 324 million related to the sale of shares in Formula Systems and write-downs in the amount of PLN 85 million of a portion of foreign investments).
Asseco's consolidated order backlog for 2021 in the area of proprietary software and services is currently worth over PLN 10.8 billion, up by 17% year-on-year.
"We are very pleased with the results we achieved after three quarters of 2021. We are seeing increasing demand for IT solutions and services, which is translating into growth in our business across all segments and business sectors. We are keeping a strong eye on the cost side, resulting in continued growth while maintaining profitability. Our strategy is based on strong geographical, sectoral and product diversification. Dynamic organic growth is supported by acquisitions. During the 9 months of 2021, the Asseco Group was joined by 14 new companies, reinforcing its position on international markets. We do not slow down when it comes to contracting new projects, which is confirmed by a double-digit increase of the Asseco's order backlog for 2021 in each of our operating segments," said Karolina Rzońca-Bajorek, Vice President of the Management Board of Asseco Poland.
* Non-IFRS figures including adjustments for: the cost of amortization of intangible assets recognized under the combination settlement (PPA), the costs of share-based payment transactions with employees (SBP), the costs and financial revenues resulting from the transactions of purchase and sales of companies (M&A) and tax effects associated with them).