Artifex Mundi has had a record-breaking period. The company’s historical performance has not escaped the attention of BDM’s analysts. – The Company’s estimated results for Q4 ’23 at the level of adjusted net profit have exceeded our expectations and the consensus, which is a good thing – commented Krzysztof Tkocz.
As the initial estimates show, this game developer and publisher generated 23.3 million PLN in the last quarter of the past year, generating a record-breaking 10.8 million PLN of recurrent net profit. In the entire past year, Artifex Mundi’s revenue increased by 44 million PLN to 82.5 million PLN with an 86% increase in the recurrent net result to 25.5 million PLN.
– The company’s estimated results for Q4 ’23 at the level of the adjusted net profit exceeded our expectations and the consensus, which is a positive thing. At the revenue level, Artifex generated 23.3. million PLN (+161.9% YoY), which was compliant with the readings reported in the previous months. 89% of that item was attributable to the Unsolved application, which generated 20.7 million PLN (+230% YoY), while 10% was attributable to HOPA games: 2.4 million PLN (-12.2%). Business costs turned out to be slightly higher than expected, as they increased YoY by 132.5% (a result of the increased UA expenses) to 15.5 million PLN. As a result, the adjusted EBIT result amounted to 7.9 million PLN (+247.8% YoY), which was marginally lower than forecasted – wrote Krzysztof Tkocz, a BDM analyst, in his commentary.
– February was a month in which, among other things, for the first time ever the daily sales of Unsolved exceed 0.3 million PLN. Please note that if the company is able to maintain daily sales higher than the above-mentioned level, then surpassing 9 million PLN in revenue in March 2024 should be easily achievable. These dynamics exceed the assumptions expressed in our last recommendation, which is why we are considering a potential revision of our forecasts upwards – writes Krzysztof Tkocz.
