The Management Board of KRUK S.A. is pleased to announce the release of its 2022 results, which were in line with initial estimates. The Group achieved a net profit of PLN 805 million, the highest in its history, and a cash EBITDA of PLN 1,809 million, representing a 17% increase from 2021. Recoveries from acquired portfolios amounted to PLN 2,627 million, a 19% YoY increase, while investments in new debt portfolios were at PLN 2,311 million, a 33% YoY increase.
‘I am delighted to report on KRUK's 2022 results, particularly as they coincide with our 25th anniversary. In fact, we have broken our own records once again with each of the items discussed. At the same time, seeing the effects of our work, we aim to reach higher and further,’ said Piotr Krupa, CEO and President of KRUK S.A. ‘Thanks to our 2022 investments, we have strengthened our international position, particularly in Italy and Spain. The recoveries from the acquired portfolios are the result of our continuous efforts to improve operational efficiency, including digital transition, automation, and technological transformation. Thanks to the consistency of our strategy and the commitment of our employees in seven markets, we generated a net profit of PLN 805 million, with a 25% return on equity.’
At the end of 2022, assets of the Group were PLN 7.7 billion, a 30% YoY increase. The carrying amount of investments in debt portfolios amounted to PLN 6.8 billion, accounting for 88% of the Group's assets. Shareholders' equity increased by 25% YoY to PLN 3.3 billion from year-end 2022.
‘We have maintained good access to financing. In the challenging macroeconomic and geopolitical environment of 2022, we secured new bank financing and issued PLN 545 million worth of bonds, with such great interest from investors that we made a nearly 80% reduction in subscriptions at one of the issues,’ commented Piotr Krupa. ‘However, achieving financial goals is not our only priority. Last year, we implemented an ESG strategy as part of KRUK's business strategy. We have systematised many initiatives that are important to us, our employees, society, and the environment. I am proud that we are creating an international, modern, and efficient organisation. Today, we are at the forefront of the industry in Europe. As we celebrate KRUK's 25th year of existence, I am proud to say that we are a modern international organisation with advanced technological solutions and potential for further development. We focus on our own retail unsecured receivables line, and our presence in across European markets allows us to diversify both investment and business risks. We are consistently and successfully following the growth path we have chosen.’
The full report for 2022 is available here.