6 days Ago
Cyprus-headquartered ASBIS Enterprises has published its remuneration report for the 2024 and 2023 financial years, offering a detailed view into the company’s executive pay practices, business strategy, and financial performance. The report also highlights how the existing remuneration policy was applied during 2024, a year the company described as “one of the most challenging” in its history. ASBIS, a leading distributor of IT products and solutions, said that it continued to operate under the remuneration policy approved by shareholders in 2020 and reaffirmed at the annual general meeting on May 8, 2024.
This policy is aligned with Directive (EU) 2017/828 and outlines how members of the management board are compensated, including base salary, performance-based incentive pay, pension contributions, and other benefits. “The remuneration report for each financial year is subject to be assessed by auditors and approved at the annual general meeting each year under a separate item on the agenda,” the company said. The 2024 report arrives during a difficult period for ASBIS, which faced multiple headwinds including “the negative impact of the new realities in the company’s leading market – Kazakhstan,” changing consumer sentiment in Ukraine due to the ongoing war, and “increasing escalations in the Middle East.
” The company added that these were compounded by inflation, rising interest costs, and a higher effective tax rate. Despite these pressures, ASBIS said that it continued to push forward with its “long-term, profit-oriented strategy”, which includes expanding into higher-margin IT solutions and innovative technologies. In this context, the company further developed its ASBIS Robotic Solutions (AROS) and its second-life devices division, Breezy.
In financial terms, ASBIS generated revenues of $3 billion in 2024, representing a 1.7 per cent decrease compared to 2023. However, the company reported stability in profits.
Its gross profit margin declined slightly to 7.98 per cent in 2024 from 8.24 per cent in 2023.
Operating profit (EBIT) was up marginally at $65 million, marking a 0.07 per cent increase. Net profit after tax rose to $54 million in 2024, compared to $53 million in the previous year.
The company also strengthened its financial position, ending 2024 with $155 million in cash and equivalents, up from $143.6 million at the end of 2023. “The management board is satisfied with the group’s results in 2024 given an extremely demanding market environment,” the report stated.
Finally, ASBIS stated that it remains “focused on creating long-term value” and will “continue executing its growth strategy”, even as it adapts to evolving geopolitical and economic conditions..
