KRUK Group’s net profit for the first half of 2024 amounted to PLN 603 million, representing a 14% year-on-year increase. Repayments from acquired portfolios reached PLN 1,738 million, up 16% year-on-year. Cash EBITDA for this period totaled PLN 1,191 million, an 11% increase year-on-year.
“I am pleased with the first half of the year, which reflects what KRUK has become over 25 years—a long-term, efficiently operating organization consistently achieving its goals. Both profit and cash EBITDA are the highest in KRUK’s semi-annual history. In May, we shared the profit generated in 2023 with our shareholders. This was the 10th time we did so, distributing a total of PLN 1.5 billion to shareholders. I want KRUK to remain a company that grows and simultaneously shares its earnings with shareholders,” said Piotr Krupa, CEO and President of KRUK S.A. “Repayments are strong, the trend is upward, and we are not seeing changes in consumer behavior. Although we had a weaker quarter in Spain, we have analyzed the reasons, and as of today, we do not see significant changes in the trend. Our business should be analyzed over the long term, and we continue to operate with calm confidence. We encourage our clients to use online services like e-KRUK, where the number of users has steadily increased and now exceeds 300,000. Globally, 36% of settlements are made by customers via self-service. We see the effects of technological transformation and plan further development in this area,” said Piotr Krupa, CEO and President of KRUK S.A.
Total revenues amounted to PLN 1,481 million, up 14% year-on-year. Revenues from servicing acquired portfolios during this period were PLN 1,349 million, a 16% increase year-on-year. Of the PLN 900 million invested by KRUK in the first six months of 2023, as much as 61% was allocated to investments outside Poland, with a dominant share in the Italian market. During this period, the Group also began investments in France. Debt ratios remain at a moderate level (net debt/cash EBITDA ratio of 2.4), with high profitability (ROE LTM 26%).
“The majority of KRUK’s investments were made outside Poland, although the domestic market remains important to us. We anticipate investing at least PLN 2.5 billion by the end of the year, mainly in unsecured retail receivables,” said Piotr Krupa, CEO and President of KRUK S.A. “We have very good access to financing. The banks financing us are increasing their commitment to lending to KRUK. On the capital markets, we see strong interest in KRUK bonds, and the implied margins in our case have dropped to around 3%. At the same time, we have a very strong cash flow, meaning our need to increase debt is not as significant. We are continuously strengthening our international position in each of KRUK’s four main markets. With a market capitalization exceeding PLN 8 billion, KRUK holds a leadership position. This year is shaping up to be very promising,” said Piotr Krupa, CEO and President of KRUK S.A.
Source: [Manager Plus](https://managerplus.pl/kruk-s-a-zwieksza-zyski-o-14-r-r-i-kontynuuje-rozwoj-miedzynarodowy-wyniki-za-pierwsza-pol-2024-r-81334)
