Q2 2024 Quest Holdings SA Earnings Call Transcript
Key Points
- Quest Holdings SA (FRA:9IVA) reported a robust second quarter, recovering from a weak first quarter.
- Total revenues for the first half of 2024 reached EUR620 million, a 14% increase compared to 2023.
- EBITDA for the first half of 2024 amounted to EUR41.6 million, a 6.7% increase year-over-year.
- The IT services sector saw a 17% increase in sales and a 7.5% growth in EBT.
- Quest Holdings SA (FRA:9IVA) has a strong cash position with over EUR300 million in cash and available credit lines, allowing for continued growth investments.
- Lower gross margins on Apple products due to a new wholesaling distribution agreement negatively impacted EBITDA and EBIT.
- The absence of last year's government support for Clima devices affected earnings.
- Increased depreciation and higher Euribor rates led to higher working capital needs, particularly for Info Quest Greece and Romania.
- Net debt increased to EUR28.2 million compared to EUR17 million at the end of 2023.
- The commercial activity segment saw an 8% decrease in EBT year-over-year, mainly due to increased interest rates, lower margins, and higher depreciations.
Ladies and gentlemen, thank you for standing by. I am [Vassilios], your quarters call operator. Welcome and thank you for joining the Quest Holdings conference call and live webcast to present and discuss the first half 2024 financial results. At this time, I would like to turn the conference over to Quest Holdings management. Gentlemen, you may now proceed.
Welcome, ladies and gentlemen, my name is Alexandros Roustas. I'm the Investor Relations Officer of Quest Holdings. And as usual, I'm sitting here with our CEO, Mr. Apostolos Georgantzis; and CFO, Mr. Markos Bitsakos. Today, we are here to present you the first half of 2024 financial results and answer your questions. Now will give the microphone to Mr. Markos Bitsakos for his opening remarks.
Good afternoon, ladies and gentlemen. I'm Markos Bitsakos, Quest Group, CFO. I am happy to share with you today that the second quarter of the
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