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I-III quarters of 2022 in the TIM Group: record results, the highest number of TIM clients in history

PLN 1.14 billion of consolidated sales revenue (+19.6% YoY), PLN 124.2 million of consolidated EBITDA (+13.1% YoY) – the most important indicators of the TIM Capital Group after three quarters of 2022 reached their historic records.

On 25 November 2022, it was 35 years since TIM entered the market. The company was established in 1987 in Wrocław as Spółdzielcze Przedsiębiorstwo TIM Sp. z o.o. and 11 years later, TIM SA debuted in the main segment of the Warsaw Stock Exchange, where it is present to this day.

‘The financial results presented almost on the day of our birthday reflect both the efficiency and effectiveness of our business model, as well as the excellent financial situation of the TIM Group’, notes Krzysztof Folta, President of the Management Board of TIM SA. ‘Only last week, we decided to pay the shareholders almost PLN 30 million before Christmas as an advance payment towards the dividend for 2022. In August, we paid the dividend for 2021 in the amount of PLN 27 million. Everything from our own resources, without the need to seek external financing’, emphasises Krzysztof Folta.

Bar set high

The net profit of the TIM Group after three quarters of 2022 in the case of the TIM Group amounted to PLN 76.4 million (+9.8% YoY), while in the case of TIM SA – PLN 80.6 million (+30% YoY). In the same period, TIM SA sales revenue reached almost PLN 1.09 million (+20.2% YoY). These indicators have also recorded the highest levels in TIM’s history.

‘After the record year of 2021, the reference base for both sales and financial indicators was really high. If we add to this the much less favourable macroeconomic situation than a year ago (inflation, weakening of the zloty against the euro) and the downturn in the electrotechnical industry (except for the exceptional March 2022), we can see that the bar has been set really high’, says Piotr Tokarczuk, Member of the Management Board and Financial Director of TIM SA. ‘And yet, we have definitely broken our own records from last year. In addition, we maintained high EBITDA profitability, and we generated positive cash flows from operating activities in the TIM Group in the amount of PLN 56.1 million compared to less than PLN 10 million in the same period of 2021’, points out Piotr Tokarczuk.

Consistent implementation of business strategies

After nine months of 2022, the sales to clients from the ‘Installer’ segment had the largest share in TIM’s revenue (43.7%). The ‘Retailer/Wholesaler’ group came second (36.5%). In the same period of 2021, the order was reversed. This change is the effect of the trend visible from the first quarter of 2022, resulting from sales-enhancement activities aimed at increasing the share of installation companies in the TIM revenue.

‘After three quarters of 2022, the so-called industrial clients, i.e. the ‘OEM Production’ and ‘Maintenance of interoperability/Repairmen’ segments, became the third largest client segment. Their share in the sales revenue amounted to 17.2% and increased compared to the period of January–September 2021 by 27.4%’, says Piotr Nosal, Member of the Management Board and Commercial Director of TIM SA. ‘Since the beginning of 2022, the group of our clients has been growing dynamically. Over three quarters of 2022, almost 65,000 clients purchased our products. This is a record not only in the scale of three quarters, because throughout 2021 we served less than 52,000 clients’, adds Piotr Nosal.

TIM SA consistently implements the assumptions of the Company’s business strategy presented in May 2022 in the scope of the development of the product offer. On 30 September 2022, the offer with defined stock balances and stock levels amounted to over 180,000 index numbers, which means an increase by 40% over a year. Also, 3LP, a logistics company, even thought it cancelled its planned IPO, implements the assumptions of its business strategy. The construction of a new hall with an area of 25,000 sqm in Siechnice was completed and the installation of a shuttle system automation within it has begun. In addition, 3LP started operating activities in a new location in Syców (by the S8 Expressway section between Wrocław and Warsaw) and the process of commercialisation of this hall with an area of 17,000 sqm is already in progress.

See the consolidated quarterly report for Q3 2022 (POLISH ONLY) >>