Blik, owned among others by Mastercard, earned PLN 32 million last year

The improvement in the financial results of the Blik system is mainly due to the increase in the volume of transactions carried out by customers

Polski Standard Płatności (Polish Payments Standard), the operator of the Blik system, has published its financial report for 2021. It shows that in this period the company's revenues amounted to 112.8 million PLN, which is an increase of about 60 percent compared to 2020, when they amounted to about 71 million PLN. Net profit fell from PLN 36m to around PLN 32m, but, as company representatives say, this is the result of a one-off event.

If, on the other hand, we consider the operating result, it improved significantly, as it rose from PLN 27 million in 2020 to PLN 39 million last year. Of course, costs also increased from PLN 44m to PLN 74m. Their largest share was accounted for by external services (an increase from PLN 28m to PLN 54m), which included, among others, marketing expenses. Personnel costs grew more slowly - in the discussed period they increased from PLN 8 million to PLN 10 million.

For PSP, 2021 is the second consecutive year that the company reports a positive financial result. It uses the profits to cover losses from previous years. PSP president Dariusz Mazurkiewicz believes that the company will also record a profit in 2022 and its financial indicators will further improve, although this will largely depend on macroeconomic factors.

PSP is a company founded by six banks: Alior, ING, mBank, Millennium, PKO BP and Santander. Later Mastercard joined the group of shareholders. Taking into account the amount put up to acquire one-seventh of the shares in PSP, the value of the whole company was estimated at around PLN 0.6 billion. Today, according to some experts, the company may be worth well over a billion zlotys.

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Last year we managed to increase the revenue of the company by about 60 percent. This was due to the dynamic growth of the volume of transactions in the Blik system. Operating profit also increased, from about PLN 27 million in 2020 to almost PLN 39 million last year. Net profit fell from PLN 36 million to about PLN 32 million, but this is due to one-off tax costs.
Of course, our costs are also rising. The company is expanding and building competence in new areas, so staff costs are growing. We invest in people and technology because we want to launch new products and services on the market and expand our operations geographically. Marketing expenses also remain at a significant level.

We are now practically in the middle of another year and, after more than five months, we are satisfied with the implementation of the financial plan for the current year. However, the second part of the year is more important to us. On the one hand, because it is more intense for trade as a whole. On the other hand, e-commerce, which generates most of our turnover, is responsible for an increasing part of Polish consumption and thus becomes more sensitive to the macroeconomic situation. Our results will therefore depend to a large extent on consumer sentiment in Poland. However, I am convinced that in 2022 the company will show even better financial indicators than in 2021.

Dariusz Mazurkiewicz

CEO of Polski Standard Płatności (Blik)

The improvement in the financial results of the Blik system is mainly due to the increase in the volume of transactions carried out by customers

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