Asseco's steady growth in Q1 2022
In the first quarter of 2022, Asseco generated revenues of PLN 4.1 billion, which are 22% higher than in the corresponding period of 2021. Sales of proprietary products and IT services increased by 21% and amounted to PLN 3.2 billion as compared with the first 3 months of the previous year. Consolidated operating profit amounted to PLN 390 million, showing a 21% increase. Net profit attributable to the shareholders of the parent company amounted to PLN 108 million, up by 6%. The Group continued its growth in all segments and business sectors.
In the 3 months of this year, non-IFRS operating profit stood at PLN 480 million, up by 20% versus Q1 2021, and non-IFRS net profit reached PLN 124 million, after an increase by 7%.
The Group improved its sales in all operating segments. This was possible owing to a consistently implemented strategy of business diversification as well as intense digitization in the economy. In Q1 2022 foreign markets represented by the Formula Systems and Asseco International segments accounted for 90% of the Group's total sales. Revenues in the Formula Systems segment reached PLN 2.7 billion, growing by 27%, while operating profit amounted to PLN 227 million, up by 36% year on year. In the Asseco International segment, sales increased by 15% to PLN 940 million, while operating profit was on a par with last year at PLN 96 million. The Asseco Poland segment reported sales of PLN 408 million, an increase of 11% year on year, while its operating profit was 15% higher at PLN 68 million.
Asseco's revenues, which are very well diversified by sectors, were distributed as follows in Q1 2022: general business - 44%, banking and finance - 33% and public institutions - 23%.
Asseco's consolidated order backlog for 2022 in variable exchange rates, in the areas of proprietary software and services, is currently worth PLN 11.2 billion and is 30% higher than in the same period last year. In fixed exchange rates, in which the backlog for 2021 was converted, the increase amounts to 18% to PLN 10.1 billion.
We are pleased with the results we achieved in the first quarter of this year. We recorded increases at all major levels of the profit and loss statement. Our sector, product and geographic diversification of business provides us with stable growth. We executed long-term maintenance and development contracts. We have been building a solid order backlog for 2022 and subsequent periods - we have expanded cooperation with existing customers and acquired new partners both in Poland and in foreign markets. The years 2020-2021 were exceptional for us in terms of profitability, among others thanks to projects of fundamental importance for the state, carried out by us in the public administration sector, in a very demanding time regime. All the more so, the operating margin at quite similar levels on year-on-year basis, amounting to 9.6% during the first 3 months of 2022, should be considered satisfactory. We continue to execute our M&A strategy. During the first three months of this year, the Asseco Group was joined by 3 new companies, said Karolina Rzońca-Bajorek, Vice President of the Management Board of Asseco Poland.
Non-IFRS figures including adjustments for: the cost of amortization of intangible assets recognized in purchase price allocation (PPA), the costs of share-based payment transactions with employees (SBP), the financial costs and financial revenues resulting from the transactions of purchase and sales of companies (M&A) and tax effects associated with them.