Auto Partner (APR) Q3 2024 earnings summary

Executive summary

• Sales grew 14.1% year-over-year to PLN 3,117.7 million in Q1–Q3 2024, with double-digit growth in both Poland and international markets.

• Gross margin remained strong at 26.9% for Q1–Q3 2024, slightly lower than the previous year's 27.2%, impacted by currency effects and price reductions.

• Net profit declined 15% year-over-year to PLN 147.4 million, mainly due to higher employee costs and a one-off loss from flooding.

• Export sales accounted for about 50% of total revenue, reflecting continued international expansion.

• The Group continued its expansion, including new subsidiaries in the Czech Republic and Germany and plans for a new 30,000 m² distribution centre in Zgorzelec, expected to open in late 2025 or early 2026.

Financial highlights

• Revenue reached PLN 3,117.7 million (+14% year-over-year) in Q1–Q3 2024.

• EBITDA was PLN 246.6 million (–8% year-over-year); EBIT was PLN 205.8 million (–13%); net profit was PLN 147.4 million (–15%).

• Gross margin for Q1–Q3 2024 was 26.9%; EBITDA margin: 7.9%; EBIT margin: 6.6%.

• Dividend of PLN 19.6 million (PLN 0.15 per share) paid in June 2024.

• Inventory turnover improved to 129 days from 134 days a year earlier.

Outlook and guidance

• Positive outlook for the parts distribution market, with further business scale expansion and process automation planned.

• New logistics and storage centre in Zgorzelec to support future growth, scheduled for late 2025 or early 2026.

• Key future risks include inflation, wage growth, and currency fluctuations.