Quercus (QRS) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached 66.3 million PLN, up 48% year-over-year, driven by higher assets under management and strong market conditions.

• Net profit rose to 16.6 million PLN, more than doubling from 7.6 million PLN in H1 2023.

• The group executed a share buyback, allocating 29.2 million PLN as an alternative to dividend payout.

Financial highlights

• Operating profit increased to 13.7 million PLN from 3.6 million PLN year-over-year.

• Net cash from operating activities was 8.1 million PLN, up from 2.2 million PLN in H1 2023.

• Total assets at June 30, 2024, were 172.5 million PLN, up from 151.0 million PLN a year earlier.

• Equity decreased to 91.5 million PLN from 104.9 million PLN at year-end 2023, mainly due to the share buyback.

Outlook and guidance

• Management expects continued positive trends in the investment fund market, supported by favorable equity and bond market conditions.

• No significant seasonality or cyclicality is expected in the business.