The last two quarters were exceptional for GMAIVO, and many people wondered if such a positive trend would be maintained. The report for the third quarter, published on November 14, dispels any doubts. The company reported record results, once again increasing turnover and revenues.
The first half year of 2022 was very successful for GAMIVO. The activities aimed at increasing profitability have brought excellent outcomes. As a result, the company reported impressive results in both the first and second quarters. It hasn’t slipped under analysts’ radar; hence, Trigon Brokerage House recommended buying GAMIVO shares and raised the target price.
There was, however, the question of whether the next period would be equally successful for GAMIVO. The recently published financial statement gives an unequivocal answer to this question. The company reported record results and once again increased its turnover, revenues, and EBITDA.
In the third quarter of 2022, GAMIVO reported the following results:
- Turnover: PLN 59.9 million (approx. EUR 12.7 million) – an increase of 6% QoQ and 25% YoY,
- Revenues: PLN 11.3 million (approx. EUR 2.4 million) – an increase of 5% QoQ and 19% YoY,
- Net profit: PLN 2.8 million (approx. EUR 0.58 million) – a decrease of 5% QoQ and an increase of 125% YoY,
- EBITDA: PLN 3.7 million (approx. EUR 0.78 million) – an increase of 2% QoQ and 81% YoY.
Such results are particularly impressive as the third quarter was short of major AAA releases.
“Despite the lack of major releases boosting the gaming market, we were able to generate great results. It proves that the GAMIVO business model is resistant to stagnation. Therefore, we can look to the future with optimism. Especially for the fourth quarter and the beginning of 2023 should be far more interesting for gamers,” stated Mateusz Śmieżewski, GAMIVO CEO.
You can find the Quarterly Report of GAMIVO here. The statement is available in Polish and English.
