Polaris IT Group SA Capital Group makes PLN 9.4 million in revenues and PLN 635,000 in net profit in Q3 2023
As reported by Polaris IT Group SA, an IT company listed on the NewConnect stock exchange, the consolidated sales revenues of the Polaris IT Group SA Capital Group amounted to PLN 9,369,759.08 at the end of third quarter of this year, while the consolidated net profit amounted to PLN 635,338.40. It is worth to underline that the consolidated sales profit amounted to PLN 455,572.27 in the reporting period and increased by 207% year-on-year. As emphasized in the initial part of the result commentary, considering the difficult market conditions, this allows to be optimistic about this year’s result.
“In 2023, the economic situation in Hungary is extremely difficult, which affects our company’s operations both directly and indirectly. Our subsidiary iSRV has two important consortium agreements (with T-Systems and 4iG) for which we have high hopes, but we see that these projects can only be implemented if Hungary and the EU reach an agreement and Hungary receives funds on which these projects are based” – the current economic conditions and their actual impact on the business prospects of the Polaris IT Group SA Group were presented.
“As we emphasized in our annual report for 2022 and after the second quarter of 2023, we are constantly looking for areas that offer the possibility of profitable operation of the company even in the current situation” – we read further.
“We are working on software development and preparation of services and the results of this work will be used in the energy sector in connection with an innovative energy storage solution. We have high hopes for entering the energy sector with solutions for individual consumers and industry. This area is even more attractive because the EU is expected to release funds for both Hungary and Poland, which could bring a significant increase in investments in the energy sector” – emphasized one of the key business activities of the Polaris IT Group SA Group in the third quarter of this year.
“We are preparing activities related to the development and operation of a logistics system based on artificial intelligence for the transport of industrial raw materials by rail” – attention was also paid to another area of operational activity in the reporting period.
“Polaris IT Group SA recently decided to raise capital, under which 2,750,000 shares will be issued in a private issue at a price of PLN 1.50 per share to one investor. The funds obtained from this issue will be largely allocated to development works conducted by iSRV Zrt. As at the date of preparation of the report, the company has already received the full payment for the shares and will soon publish a report on the offer and register the shares in court” – once again, the issue of the recently obtained significant financing for the Polaris IT Group SA Group was mentioned.
About Polaris IT Group SA:
Polaris IT Group SA operates as an IT service provider and consulting company in the field of information technology.
In July 2020, the Polaris IT Group SA Capital Group was established when Polaris IT Group SA acquired 100% of shares in the share capital of IAI (Industrial Artificial Intelligence Kft.), which holds 100% of shares in another Hungarian entity ISRV Zrt. At present, IAI does not conduct activities generating sales revenue, while ISRV is the company conducting operating activities on the largest scale within the Polaris IT Group SA Capital Group.
The core business lines of the Polaris IT Group SA Capital Group are artificial intelligence and the development of computer hardware and software.
Polaris IT Group SA is a company listed on the Warsaw NewConnect stock market operated by the Warsaw Stock Exchange as part of the Alternative Trading System.