DelfinGroup publishes Q1 2023 financial results

DelfinGroup reports that the company increased its revenue by 46% in the first quarter of 2023, reaching €11.1 million compared to the same period last year. Furthermore, the company’s profit before taxes increased by 16% to reach 1.8 million euros. The company further shares that its loan portfolio increased by 9% since the beginning of the year, amounting to a total of €73.5 million. The company’s EBITDA increased to €3.9 million, which is 53% more than in the first quarter of 2022. The company has provided the following operational and financial information:

Chairman of the Management Board of the Company Didzis Ādmīdiņš is positive about the results. He emphasized that this year has started successfully, with growth indicators increasing in all business segments. 

"We continue to demonstrate stable growth indicators in both lending and the retail sector, which is currently one of the company's strategic priorities, by introducing and promoting the principles of a circular economy. In April, we opened the largest store of pre-owned goods, Banknote XL, in Riga, providing the opportunity to buy more than 4,500 pre-owned and slightly pre-owned goods with a guarantee, as well as the possibility to sell things that are no longer used in households. Banknote XL is currently the largest store of this concept in the Baltic States, offering pawnshop services and consumer loans in addition to retail."

Didzis Ādmīdiņš, Chairman of the Management Board​

He adds that the company is also rapidly developing its circular economy online store, which offers more than 50,000 pre-owned, slightly pre-owned, and new goods in one place.

In total, for the first 3 months of this year, DelfinGroup issued consumer loans of 18.3 million euros, an increase of 59% compared to the first three months of last year. The company issued loans in the amount of 24 million euros overall.

According to the latest publicly available data, in the first 3 months of 2023, the issuance of pawn loans increased by 58%, reaching 5.7 million euros. Meanwhile, the sales of pre-owned, slightly pre-owned, and new goods in the first quarter of this year reached 3.3 million euros, a 43% increase compared to the same period last year.

"The results of the first quarter demonstrate a high demand in society for DelfinGroup offered simple and customer-oriented financial services, as well as for a wide range of pre-owned and verified goods, both in our more than 90 branches throughout Latvia and online. Based on the presented business and financial results, we predict that the company will continue to show stable growth." 

Didzis Ādmīdiņš, Chairman of the Management Board

About DelfinGroup

DelfinGroup is a licensed fintech company established in 2009 and operates under the brand names Banknote and VIZIA. The company continuously develops and offers consumer and pawn loans, loans developed for senior citizens, buy now pay later (BNPL) loans, and the sale of pre-owned goods online and at more than 90 branches across Latvia. On average, 35 thousand loans are issued monthly and serviced by a professional team of more than 300 DelfinGroup employees. The company has a total of over 400 000 registered customers. Since 2014, DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and, since 2021, as a listed company on the Baltic Main List. The company’s IPO in 2021 attracted almost 6000 new shareholders. The company regularly pays dividends to its shareholders. In 2022, the company’s net loan portfolio grew to €67.4 million, while its EBITDA reached €13.1 million, with profit before taxes of €7.3 million. The company’s sustainability is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion, and facilitating the circular economy. The company has been profitable every year since 2010.


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