Half Year 2024 Kruk SA Earnings Call Transcript
Key Points
- Kruk SA (STU:83I) reported the best six months in its history with a net profit of PLN603 million, a 14% increase year-on-year.
- The company achieved a record high cash EBITDA with an 11% increase in recoveries, significantly beating accounting forecasts.
- EPS grew by 14%, and the company paid out a dividend of PLN18 per share, maintaining a high return on equity at 26%.
- Kruk SA (STU:83I) continues to expand internationally, with over 60% of investments now outside Poland.
- The company is investing in technology to enhance efficiency and customer interaction, which is expected to drive growth over the next four years.
- Investment in new portfolios decreased to PLN900 million, less than 50% of the PLN2.5 billion target for the year.
- Operating expenses grew by 20% year-on-year, driven by increased legal and court fees.
- The Spanish market underperformed, with a significant negative revaluation and increased legal fees impacting EBITDA.
- The company faces a competitive market environment, requiring hard work to achieve good IRRs.
- Potential future tax implications from the OECD's Pillar 2 regulation could affect the company's effective tax rate.
Good afternoon. My name is Michal Zasepa, and I will present results for six months of 2024 for the Kruk Group. Thank you for taking time to seeing this presentation. I'm now making available the presentation. This presentation is also available on our website and I will refer to the slides that you will see. You also have an option for Q&A. Please ask questions throughout the presentation. I will come back to them after I finish presentation and respond to your questions.
This is my pleasure to say this is the best six months in the history of the company. We have earned PLN603 million. This is 14% increase year-on-year. This is better than expected when we were making budget plans for 2024. And this is more or less in line what we expected when we also talked to you about after Q1. So we are on plan likely to have another record year in terms of net profit for the entire 2024.
The cash EBITDA was record high. You can see here, 11% increase the recoveries, overall consolidated level were on plan 16%,
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