During 9M 2024, BOSQAR recorded revenue growth of 22% YoY, an EBITDA increase of 28%, and a net income of EUR 5.5m, almost a 2x increase YoY.
BOSQAR, previously known as Meritus ulaganja, published its 9M report. Firstly, BOSQAR’s revenue amounted to EUR 264.5 during 9M 2024, a 22% increase YoY. The strong top-line growth came from all industry verticals. Segment-wise, M Plus Croatia continued its journey as one of the largest Business Process Technology Outsourcing (BPTO) groups in Europe. The group deployed an AI-powered customer care chatbot for a major Croatian telecom during this year. This segment contributes to over 60% of BOSQAR’s revenues, followed by the Workplace (HR) segment with over 30% of top-line generation. However, this segment noted the biggest relative growth of 45%. Regarding this segment, the Group’s strategic priority remains across the SEE region.
Moving on to expenses, total operating expenses amounted to EUR 254.2m, a 20.7% YoY increase. In terms of cost categories, as expected, employee expenses contributed to c. 75% of total OPEX, noting a YoY growth of 16.1%. This should also not come as a surprise in the current inflationary environment, resulting in wage growth pressure. Further, material costs, too, grew from EUR 22.1m in the comparable period last year to EUR 30.5m.
As a result, the EBITDA increased by 28% YoY, to EUR 26.7m during 9M. EBITDA margin did improve on a 9M basis, by 0.7 p.p. to 10.4%. The increase in profitability was driven by a strong top-line growth and this came both from the BPTO & HR segment. In terms of the net financial result, it amounted to EUR -4.3m (9M 2023: EUR -2.4m). Interest expense of EUR 6m played the main role, leading to the loss. Finally, the net income amounted to EUR 5.5m in 9M 2024, almost a 2x increase YoY. As such, the net margin also noted a strong improvement of 0.8 p.p. to 2.1% on a 9M basis.
BOSQAR key financials (9M 2024 vs. 9M 2023, EURm)
Source: BOSQAR, InterCapital Research
Recently, BOSQAR acquired a 51% stake in Panvita Group, one of Slovenia’s leading agri-food companies, marking a significant milestone as the transaction enters its finalization stage, with a total investment value of EUR 50m. With this strategic entry into the food sector, the organization has now established a fourth, Food vertical – expanding its portfolio beyond its traditional sectors. This move strengthened its foothold in the agri-food industry but also signaled readiness for further acquisitions in the sector. The company has emphasized a particular interest in the Adria region and is positioning itself to form a comprehensive agri-food group with potential future expansions into the DACH region. This strategic direction underscores its ambition to become a major player in the regional and international food markets.
