DelfinGroup continued to show stable growth in all business segments in the second quarter of 2023, which was reflected in the financial results. The company has provided the following operational and financial information:
DelfinGroup’s revenue in the second quarter of 2023 increased by 52% compared to the same period last year, reaching €12M. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to €4M, up 41% compared to Q2 2022, while profit before tax increased by 7% to €2M. The company’s loan portfolio has reached €78M, up 16% since the beginning of the year.
In the first half of 2023, DelfinGroup’s revenue has increased by 51% compared to the corresponding period last year, reaching €23.7M. The company’s EBITDA also grew to €8.3M, representing a 46% increase compared to the first half of 2022.
"DelfinGroup continues to implement a sound development strategy, which has enabled us to complete another successful quarter. We have grown both in lending and in pre-owned goods sales. The company's loan portfolio continues to grow, which, together with the rise in interest rates and financing costs, has had a natural impact on profit figures. At the same time, EBITDA increased by 41% to €4.3M. The company’s growth allows us to develop new services, including promoting the principles of circular economy in society, encouraging the recycling of goods and generally taking care to reduce our carbon footprint and use our resources wisely."
In the first half of this year, retail in pre-owned and new goods reached €6.8M, a 39% increase compared to the same period last year. Additionally, loan issuance reached €45.7M in the first half of this year, a 29% increase compared to the same period of the previous year.
Loans worth €22M have been issued this quarter, marking a 7% increase compared to the same period last year. Consequently, increasing loan issuance during the first half of the year resulted in a record-high net loan portfolio amount of €78M, surpassing the strategic aim to reach €77M net loan portfolio bythe end of 2023.
Based on the consumer loan portfolio, DelfinGroup customers repay 94.7% of their loans within 30 days, and 97.8% of loans are repaid within 90 days.
DelfinGroup issued two new bonds: a subordinated bond of €5M and an unsecured bond of €15M. After completion of a private placement bond issue on 3 July, the company listed a €10M bond issue on the NASDAQ Riga alternative market: NASDAQ First North.
"The company's growth is also driving investor interest. In May this year, demand exceeded supply in a public offering of shares of DelfinGroup's largest shareholders, resulting in 27.1% of the company's shares being in open trading. We also continue to pay regular quarterly dividends, providing shareholders with a stable and regular income."
About DelfinGroup
DelfinGroup was founded in 2009 and is the owner company of the loan originators Banknote and VIZIA. DelfinGroup is the second-largest non-bank consumer lender in Latvia. Since its inception, the company has issued more than €335M of pawn loans and consumer loans and the client base has reached 400 thousand customers.
Banknote offers personal loans and secured loans using personal property as collateral (pawnbroking) in its 93 branches across Latvia.
VIZIA specializes in consumer loans, focusing on medium-to-higher income customers and their financial needs in various life situations.
Starting from 06.05.2021 there have been changes in the ownership structure and some equity investors overlap with Mintos.
