Polaris IT Group Capital Group in Q1 2024 reports PLN 8 million in revenues and over PLN 100,000 in net profit

As reported by Polaris IT Group SA, an IT company listed on the NewConnect stock exchange market, the consolidated net sales revenues of the Polaris IT Group Capital Group amounted to PLN 8,060,492.00 in the first quarter of 2024, while the consolidated net profit amounted to PLN 107,208.04. At the end of the corresponding period a year earlier, it was PLN 10,104,858.73 of consolidated net sales revenues and PLN 1,811,672.74 of consolidated net profit, respectively. In the reporting period, Polaris IT Group SA did not generate any net sales revenues, which means that the key operational company remains ISRV Zrt., a Hungarian subsidiary based in Budapest.

“In March 2024, the company signed an exclusive representation agreement with one of the largest Chinese producers of military accessories (e.g. military clothing, defense equipment, special tactical equipment, etc. – www.anlong.cn) for the entire EU. Due to current geopolitical events, the volume of government spending on weapons and security solutions is increasing significantly across Europe. Polaris IT Group hopes that in 2024 this exclusive agreement, as well as other contracts being prepared, will provide it with a favorable position in tenders in various countries” – the business activity of Polaris IT Group in the reporting period and the already visible business prospects were emphasized.

“In the first quarter, the issue of series R shares was registered. The company obtained PLN 4,125,00.00 from the issue of 2,750,000 shares. These funds were loaned to the subsidiary iSRV and were used to support research and development activities and preparatory work for new projects” – attention was also paid to the capital aspect related to the registration of series R shares and the allocation of the funds obtained for the development of activities within the Polaris IT Group Capital Group.

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 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 Capital Group.

The core business lines of the Polaris IT Group 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.