The Management Board of KRUK S.A. has released the financial results for the first nine months of 2022 today, which are in line with preliminary estimates. The KRUK Group reported a net profit of PLN 677m, up 20% year on year. Recoveries from purchased portfolios totalled PLN 1,928m, up 19% year on year. Cash EBITDA came in at PLN 1,363m, an increase of 18% year on year.
“Net profit for the nine months of 2022 stands at 97% of last year’s record full-year profit figure. KRUK is able to deliver this level of profits by being an expert in both amicable and court-enforced collection processes. We are expanding internationally by improving our operational capabilities in Italy, Spain, and other countries. We are also focused on online solutions, rolling out self-service tools for customers. This year has been dominated by digital transformation, and we will surely continue to attach great importance to digitalisation and technological advancement in the years to come,” noted Piotr Krupa, CEO and President of the KRUK Management Board.
In the first nine months of 2022, the KRUK Group generated total revenue of PLN 1.6bn, up 20% year on year. Revenue from purchased portfolios totalled PLN 1.4bn in the period, up 19% year on year. Out of the PLN 1.4bn invested by KRUK during the first nine months of 2022, as much as 82% were investments made outside Poland, mainly on the Italian and Spanish markets.
“We are constantly working to improve our efficiency, which translated into this year’s strong recoveries and upward revaluations of projected recoveries. This year has been very intense for us on many levels. The investments made during the first nine months of the year represent nearly 80% of last year’s investments. Our business is expanding outside Poland, mainly southern Europe, also in terms of investments,’” commented Piotr Krupa. “We have been in the debt collection business for 22 years, and KRUK shares have been listed on the Warsaw Stock Exchange for 11 years. We are considered a trusted partner by our customers, business partners and investors. The excellent nine-month performance is a success further affirmed by our second main award for the best stock market report and KRUK’s inclusion in the WIG20 index. While there are many reasons to celebrate, we focus on the future, which is unpredictable as to how our business environment will evolve. We will take measures to best navigate the headwinds and to take advantage of opportunities that may come our way, particularly given that our sector is marked by countercyclicality. Our team is highly motivated to move forward. We are in the final months of the year and are already working towards future years’ results,’” concluded Mr Krupa, KRUK CEO.