Polaris IT Group Capital Group records in Q2 nearly PLN 4.7 million in revenues and approx. PLN 32,000 net loss
As reported by Polaris IT Group SA, an IT company listed on the NewConnect stock exchange, the consolidated net sales revenues of the Polaris IT Group Capital Group amounted to PLN 4,695,730.00 in the second quarter of this year, while the consolidated net loss amounted to PLN 31,947.06. At the end of the corresponding period a year earlier, it was PLN 9,733,102.69 of consolidated net sales revenues and PLN 575,880.87 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 the second quarter of 2024, the company continued work on previous projects and actively searched for new customers. Preparatory work for new tenders and contracts was underway, the effect of which should be visible in the subsequent quarters of 2024” – we read at the beginning of the commentary of the Management Board of Polaris IT Group SA for the second quarter.
In March 2024, Polaris IT Group SA 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. As highlighted in the previous quarterly report, due to current geopolitical events, the volume of government spending on weapons and security solutions is increasing significantly throughout Europe, which is why Polaris IT Group SA hopes that an exclusive agreement concluded in 2024, and other contracts being prepared will also provide the company with a favorable position in tenders in various countries.
In the first half of 2024, the Polaris IT Group Capital Group achieved consolidated net sales revenues of PLN 12,654,076.11, consolidated net profit of PLN 63,152.14 and consolidated operating result of PLN 538,983.37.
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.