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Financial Report for Q2 2020 published

Chip Bidco AS, parent company of Cegal Group, is announcing the results from the second quarter.



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14.08.2020

Despite the recent changes in the market, Chip Bidco AS is delivering good results in the second quarter of 2020.

EBITDA amounted to NOK 47.5 million, corresponding to an increase of 13.4 % compared to the same period last year. The increase in EBITDA margin is a result of revenue growth combined with effects from automation, economies of scale and solid cost control. In addition, the change of revenue mix with less third-party revenue and more Cloud and Cloud Services revenue are contributing factors.

The COVID-19 situation has so far only slightly affected Cegal’s new sales and there are no employees on temporary leave as of Q2 2020. Low oil-prices over an extended period of time might increase uncertainties in the market, however, the efforts taken by energy companies to reduce cost and improve efficiency increase the relevance of the Group’s product and service offering.

Read the report here

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