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Comarch – 2019 Financial Performance

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Comarch – 2019 Financial Performance

Comarch Group published its audited financial results for 2019. Last year, Comarch generated revenues from sales of products and services of PLN 1.437 bn or PLN 67.8 M more than in the same period a year ago. The Group also improved its net profit attributable to the shareholders of the parent entity and it reached the amount of PLN 104.8 M, having grown by PLN 74.2 M year on year. Operating profit grew by PLN 55.8 M up to PLN 143.4 M and EBITDA amounted to PLN 228.3 M or by PLN 75.6 M above last year's result.

Comarch also increased its workforce. In the entire Capital group, the headcount grew to 6,348 persons versus 6,040 persons as at 31 December 2018.
Sales of services and products to customers from the Telecom sector resulted in the largest part of revenues in 2019. The business in the segment grew by PLN 19.4 M up to PLN 335.8 M. A major growth by 29.6 percent or by PLN 41 M was also recorded in sales to buyers from the industry and utilities sector. Enterprises from those sectors purchased products from Comarch for PLN 179.3 M. A two-digit growth was also maintained in sales of systems to the SME segment. Domestic and export sales of solutions used to manage enterprises amounted to PLN 290.8 M, having grown by PLN 30.4 M over the last 12 months. Additionally, the Group improved its results in the trade and service segment where sales of IT solutions amounted to PLN 251.7 M, having grown by over 24.4 percent year on year.

On the other hand, a major drop by PLN 62.6 M or by 32.5 percent was recorded in sales to the public sector. It resulted from a much lower value of deliveries of finished products and foreign hardware to customers from this sector than in 2018. A slight decrease of revenues occurred in sales to the medical sector (by PLN 1.4 M or by 5.2 percent) and to the finance and banking segment. Banks and financial institutions and insurance companies purchased products and services for PLN 191.1 M or by PLN 13.5 M less than in the equivalent period of the preceding year.

Considering the geographical diversification of the business pursued by Comarch, in 2019 almost 59 percent of the Group’s revenues or PLN 843.4 M were generated from exports. That was primarily due to a growth of sales to the Telecom, trade and service and industry sectors.

- Another year in a row the Comarch Group presents very good financial performance. Although sales of solutions to the public sector was lower than in 2018, due to diversification of the business both in terms of product development for multiple sectors and expansion of international business, the company generated record results, says Konrad Tarański, Deputy President of the Management Board of Comarch SA and Financial Director.

In 2019 there was a major growth of headcount at Comarch exceeding 6,300 people. As at 31 December 2019, the Comarch Group was employing 6,348 people, i.e. 308 more than at the end of 2018.