Softline's gross profit for the first half of 2024
Posted: Mon Jan 20, 2025 6:09 am
PJSC Softline announced its financial results for the second quarter and the first half of 2024. The company's turnover for the second quarter of 2024 amounted to RUB 21.3 billion. This is 30% more than for the same period in 2023 (RUB 16.4 billion). According to the results of the first half of 2024, the turnover increased by 40% compared to the same period in 2023: RUB 42.8 billion in 2024 versus RUB 30.5 billion in 2023.
"The increase in turnover is due norway whatsapp resourceto the release of the company's products, which are more marginal than products of third-party manufacturers. Hence the growth in gross profit," says Nikita Stepanov, an analyst at FG Finam.
showed an increase of almost 2.5 times compared to the first half of 2023 - RUB 15.7 billion against RUB 6.8 billion. However, net profit fell sharply. In the second quarter of 2024, it amounted to only RUB 514 million against RUB 7 billion for the same period in 2023. In the first half of 2024, net profit amounted to RUB 741 million against RUB 9.5 billion in the first half of 2023.
Nikita Stepanov explained what caused the drop in indicators: "The decrease in net profit was caused by the growth of deferred income tax, paper revaluation of assets and growth in interest expenses due to the high key rate against the backdrop of an increase in the debt burden."
The net debt of Softline PJSC by the end of the first half of 2024 (as of June 30, 2024) reached RUB 22.6 billion. At the same time, on December 31, 2023, it was only RUB 8.1 billion. And in just three months (by March 31, 2024), it has grown by 2.5 times and reached RUB 20.8 billion.
"The sharp increase in Softline's net debt is due to its active participation in the M&A market. In February 2024, the company acquired a stake in the IT business of the R.Partner group of companies (provides services from system integration to telecommunications and engineering systems - ComNews note ). In May 2024, Softline bought 100% of Vizitek LLC. In the same month, it acquired a controlling stake in the software developer Citeck, and in June 2024, it bought a controlling stake in MD Audit LLC," explained Freedom Finance Global analyst Vladimir Chernov.
Softline plans to increase its turnover to at least 110 billion rubles by the end of 2024, and its gross profit to at least 30 billion rubles. In the event of successful completion of the planned transactions to acquire several high-tech companies, the turnover may increase to 135 billion rubles, and the gross profit to 40 billion rubles.
"In the second half of 2024, the company's turnover will be under increased pressure from recent acquisitions. However, it will be difficult to increase it to RUB 110 billion by the end of 2024 without additional purchases on the M&A market. Nevertheless, an increase in gross profit by the end of 2024 to RUB 30 billion is entirely possible against the backdrop of the company's strategy of shifting towards more profitable solutions," said Vladimir Chernov.
"The increase in turnover is due norway whatsapp resourceto the release of the company's products, which are more marginal than products of third-party manufacturers. Hence the growth in gross profit," says Nikita Stepanov, an analyst at FG Finam.
showed an increase of almost 2.5 times compared to the first half of 2023 - RUB 15.7 billion against RUB 6.8 billion. However, net profit fell sharply. In the second quarter of 2024, it amounted to only RUB 514 million against RUB 7 billion for the same period in 2023. In the first half of 2024, net profit amounted to RUB 741 million against RUB 9.5 billion in the first half of 2023.
Nikita Stepanov explained what caused the drop in indicators: "The decrease in net profit was caused by the growth of deferred income tax, paper revaluation of assets and growth in interest expenses due to the high key rate against the backdrop of an increase in the debt burden."
The net debt of Softline PJSC by the end of the first half of 2024 (as of June 30, 2024) reached RUB 22.6 billion. At the same time, on December 31, 2023, it was only RUB 8.1 billion. And in just three months (by March 31, 2024), it has grown by 2.5 times and reached RUB 20.8 billion.
"The sharp increase in Softline's net debt is due to its active participation in the M&A market. In February 2024, the company acquired a stake in the IT business of the R.Partner group of companies (provides services from system integration to telecommunications and engineering systems - ComNews note ). In May 2024, Softline bought 100% of Vizitek LLC. In the same month, it acquired a controlling stake in the software developer Citeck, and in June 2024, it bought a controlling stake in MD Audit LLC," explained Freedom Finance Global analyst Vladimir Chernov.
Softline plans to increase its turnover to at least 110 billion rubles by the end of 2024, and its gross profit to at least 30 billion rubles. In the event of successful completion of the planned transactions to acquire several high-tech companies, the turnover may increase to 135 billion rubles, and the gross profit to 40 billion rubles.
"In the second half of 2024, the company's turnover will be under increased pressure from recent acquisitions. However, it will be difficult to increase it to RUB 110 billion by the end of 2024 without additional purchases on the M&A market. Nevertheless, an increase in gross profit by the end of 2024 to RUB 30 billion is entirely possible against the backdrop of the company's strategy of shifting towards more profitable solutions," said Vladimir Chernov.