Eleving Group reports steady growth and robust profitability figures in 2022. The company highlights that it increased its net portfolio by 17.8% compared to 2021, while adjusted net profit before FX reached €27.3m. The company has provided the following operational and financial information:
Eleving Group closed the 2022 financial year with an adjusted EBITDA of €71.8m, a 29.2% increase compared to 2021. Adjusted net profit before FX reached an all-time high of €27.3m, up €8.8m YOY.
Adjusted revenue for 2022 (excluding fees and commission income) reached €175.9m, a 14.4% increase compared to 2021. Flexible lease and subscription-based products contributed €50.8m, up 91.1% YOY but down 4.8% QOQ. Traditional lease and leaseback products contributed €68.0m, up 32.5% YOY and up 13.2% compared to the previous nine-month period. Revenues from the consumer loan segment generated €57.1m – a 12.1% decrease compared to 2021, but a 4.0% increase compared to the previous quarter. The Group’s portfolio increased to €288.9m, a record-high yearly figure for the company. The company’s vehicle and consumer segments accounted for €221.8m and €67.1m, respectively.
During the fourth quarter, the Group continued its local bond issuance program in Kenya and, by year-end, had nearly doubled the amount raised in the third quarter as the total funds onboarded equaled €7.3m.
In February 2023, Eleving Group received 1st place in Nasdaq Baltic Awards in the category of Best Investor Relations on the First North Bond List. According to the company’s representatives, this is a significant recognition at the Baltic level, which reflects the successful work done in the field of investor relations in the previous years.
About Eleving Group
Eleving Group was founded in 2012 in Latvia and joined the Mintos marketplace in 2015, originally offering loans for investment from Latvia. Since then, it has placed loans on the marketplace from 15 countries in the Baltics and Central, Eastern, and South-Eastern Europe. Operating regions also include the Caucasus and Central Asia, as well as Eastern Africa. To date, the company has issued over €1.2 million in loans and has a net loan portfolio of almost €290 million.
Some of the equity investors of Eleving Group and Mintos overlap.