DGAP-News: Mogo Finance reports Unaudited results for the six months ended 30 June 2019
DGAP-News: Mogo Finance S.A. / Key word(s): Half Year Results
Mogo Finance reports Unaudited results for the six months ended 30 June 2019
Investments in growth pay off as profitability
OPERATIONAL AND STRATEGIC HIGHLIGHTS
- Group loans issued increased strongly by 30.3% equaling EUR 83.4 million (6M 2018: EUR 64.0 million), of which EUR 48.8 million in mature markets (6M 2018: EUR 48.3 million)
- Consolidated number of active customers up significantly by approx. 53.8% to over 100,000 (31 December 2018: approx. 65,000)
- Mid-tier countries Moldova and Romania, as well as Start-up country Belarus, have reached profitability (before FX) on a monthly basis
- Historic milestone reached in financial return: eight out of fifteen countries (31 December 2018: five out of thirteen) became profitable (before FX).
FINANCIAL HIGHLIGHTS AND PROGRESS
- Interest and similar income including income from rent up strongly by 33.8% to EUR 35.2 million (6M 2018: EUR 26.3 million)
- Rapid growth in net interest income of 31.4% to EUR 24.7 million (6M 2018: EUR 18.8 million)
- Significant increase in EBITDA by 66.7% to EUR 15.0 million (6M 2018: EUR 9.0 million)
- Net profit for the period improved notably by 76.2% to EUR 3.7 million (6M 2018: EUR 2.1 million)
Modestas Sudnius, CEO of Mogo Finance, commented:
However, we are particularly proud of the fact that investments in portfolio and product growth not only pay off through operational excellence but also make it easier to control risk costs at the same time. Our stable NPL ratios benefit equally from economies of scale and economies of scope and can be further optimized through our comprehensive management procedures.
Mogo Group, with a further improvement in financial performance in the medium and long term, has promising prospects for the future development of the company."
The full unaudited report for the six months ended 30 June 2019 is available under mogo.finance/investment/results-and-reports/.
Please register emea.directeventreg.com/registration/7680644
Simonas Jurgionis, Investor Relations Manager
About Mogo Finance:
Mogo Finance operates through its own branch network, more than 1,500 partner locations and strong online presence. Physical footprint makes Mogo Finance top of mind brand in used car financing. Established in 2012, headquartered in Riga, Latvia Mogo Finance operates in: Latvia, Estonia, Lithuania, Georgia, Poland, Romania, Bulgaria, Moldova, Albania, Belarus, Armenia, Ukraine, Uzbekistan, Kazakhstan and North Macedonia.
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14.08.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
|Company:||Mogo Finance S.A.|
|8-10 avenue de la Gare|
|Listed:||Regulated Market in Frankfurt (General Standard)|
|EQS News ID:||857663|
|End of News||DGAP News Service|