KRUK announces profit estimates and increases dividend recommendation

The Management Board of KRUK S.A. has announced in a current report today that preliminary estimates put the KRUK Group’s net profit for the first quarter of 2021 at PLN 127m, with cash EBITDA at PLN 364m. Furthermore, the Management Board has increased its dividend recommendation from PLN 8 to PLN 11 per share.

‘We continue to work hard on process efficiency improvements and new investments, and our preliminary results demonstrate this is the right path to follow. KRUK’s estimated net profit is very good news, and after the first quarter of 2021 we have decided to increase our previous dividend recommendation to PLN 11 per share,’ said Piotr Krupa, KRUK CEO. ‘The first quarter saw record recoveries, investments were above budget, and our estimated net profit has exceeded consensus estimates. While raising the dividend, we are also actively participating in all auctions to buy new portfolios. In our decade-long presence on the Warsaw Stock Exchange, this will be the seventh time in a row we share profits with our shareholders, with some PLN 209m allocated for distribution this time. Since our financial position is very strong right now, we can share profits with investors and purchase new debt portfolios. Our appetite for further investments has increased significantly after the first-quarter preliminary results.

KRUK will publish its actual first-quarter 2021 results on May 24th 2021.