Analytical Insight: ZUE Q3'23 Preliminary Results and BDM's Recommendations
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The company reported preliminary results for Q3'23 on 31 October
• Q3'23 revenue was PLN 359.0 m (+40% y/y). EBIT amounted to PLN 7.6m (vs. PLN 3.0m a year ago), while net income (before minority income) was PLN 5.9m (vs. PLN 1.8m in Q3'22). • Gross margin on sales remained under pressure (3.2% in Q3'23 vs. 3.5% a year ago and 3.5% in 1H'23). At the same time, gross profit on sales itself is higher y/y thanks to significantly higher revenues (the company booked much more than we expected).
• EBIT increased by 157% y/y. In addition to the higher gross result on sales, we assume that there must have been a positive result on the balance of other operating activities to show such a high dynamics (the company did not provide details in the release, we estimate that it could be ca. PLN +3m). As a result, net profit is also significantly higher y/y. • Backlog currently stands at PLN 2,048m.
• The company will present its consolidated report on 15 November 2023.
