Inter Cars’ 2020 financial results are on a high level. The Company recorded revenue of PLN 9,162 million, increase by 5% y/y, and Group profit of PLN 333 million, increase by 46% y/y. It seems that the Company has not only managed to recover from the confusion related with the pandemic, but has also strengthened its position.

Demand for auto parts has proven recession-proof many times, and it appears to be the case also this time. The aftermarket for auto parts is driven by high online sales and concerns over the use of mass transport. It appears that these factors are offsetting the reduction in demand associated with remote working.

Foreign exchange rates had a positive impact on the Company’s profitability last year, and, in our opinion, by a significant amount. This is a rather unique factor. When it comes to the costs, the Company optimised the costs of operating activities, reduced expenses on ongoing projects and marketing activities. We hope that some of the savings implemented will be more permanent.

The year 2021 began for Inter Cars as successfully as the previous year ended. The Group’s revenue increased by 17% y/y, with domestic sales higher by 13% y/y and international sales higher by 20% y/y. It is worth noting that this is another month when the Company’s revenues grew by double digits in Poland (in December it increased by 23% y/y, in total by 28% y/y).

Certainly winter temperatures were an additional stimulating factor. Significant demand was recorded, we believe, in the tire segment. In the truck segment demand maintained high.

Auto Partner’s revenue in February, January 2021 and December 2020 increased by 17%, 14% and 24% y/y to PLN 146 million, PLN 145 million and PLN 131 million, respectively. For comparison – Inter Cars revenue in January increased to 756 million PLN, i.e. by PLN 107 million.

Sales of Auto Partner, which benefited from the same trends as Inter Cars, were at a high level in 2020 and amounted to PLN 1 670 million, increase by 13% y/y. Auto Partner’s 2020 revenue is about 18% of Inter Cars’ revenue, including foreign sales.

The preliminary financial results of the Inter Cars Capital Group for 2020 can be found HERE.