NEUCA (NEU) H1 2024 earnings summary

Executive summary

• Sales revenue for H1 2024 reached PLN 6.21bn, up 5.3% year-over-year, with net profit attributable to shareholders rising 26.7% to PLN 87.0m, driven by improved subsidiary results and no one-time items.

• The Group operates mainly in pharmaceutical wholesale, with activities in clinical trials, medical clinics, branded products, and insurance.

• Maintained leadership in pharmacy distribution, customer satisfaction, and partner programmes, with continued expansion in patient and clinical trial services.

• No significant changes in group structure or extraordinary items occurred in H1 2024.

Financial highlights

• Gross profit on sales rose 12.2% to PLN 718.3m, with margin improving to 11.7%.

• EBIT grew 15.6% to PLN 148.2m, and EBITDA increased 13% to PLN 207.5m in H1 2024.

• Net profit before one-time items was PLN 96.1m, up 18.3% year-over-year.

• Net cash from operating activities was PLN 143.9m, up from PLN 110.6m in H1 2023.

• Dividend of PLN 14.50 per share (PLN 64.8m total) paid in June 2024.

Outlook and guidance

• Continued focus on expanding digital health tools, patient care coordination, and clinical trial capabilities.

• Management expects stable operations for the next 12 months, with no significant impact from the Ukraine conflict.

• Ongoing investment in pharmacy rebranding and partner programme expansion to drive further market share and customer loyalty.