KRUK posts solid performance for Q1–Q3 2024

The Management Board of KRUK S.A. has today released KRUK’s financial results for the third quarter of 2024. Net profit for the nine months to 30 September 2024 reached PLN 959 million, up 27% year on year. Recoveries from purchased portfolios totalled PLN 2,602 million, a 14% increase compared with last year. Cash EBITDA amounted to PLN 1,770 million, reflecting a 9% rise year on year. The KRUK Group reported total revenue of PLN 2,325 million for the first three quarters of 2024, marking a 21% year-on-year growth. Revenue from purchased portfolios for the period stood at PLN 2,126 million, up 22% year on year.

‘I’m very pleased with the results, both in terms of recoveries and revenue. Each geographic segment contributed positively to EBITDA and cash EBITDA,’ said Piotr Krupa, CEO and President of the Management Board of KRUK S.A. ‘According to our estimates, both net profit and cash EBITDA are the highest we have ever recorded for the first three quarters of a year. In just nine months, we have already achieved 97% of the full-year result for 2023.’

Of the PLN 1,643 million invested by KRUK during the period, 67% was allocated to markets outside of Poland. The net debt to cash EBITDA ratio stood at 2.5, while return on equity (ROE) reached 27%(i).

‘KRUK is performing exceptionally well, and we are keen to make the most of market opportunities. We are investing across all four of our major markets. We are pleased with our strong access to financing, both from banks and the bond market, with the recent oversubscription of KRUK’s bonds exceeding our expectations. To me, this reflects KRUK’s strong market position and credibility,’ said Piotr Krupa. ‘We are heading into the final quarter, which is typically the most active period of the year in terms of investments. We are fully prepared for it, both operationally and financially,’ Krupa added.

[i] Last Twelve Months