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Qiwi demonstrates strong performance in third quarter

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Qiwi demonstrates strong performance in third quarter
November 20
09:00 2019

The leading payment service both in Russia and the CIS countries has published financial results for the third quarter. It became known that the adjusted net profit of the financial services provider has grown 62% and amounted to 1.893 billion rubles. A year earlier, the same indicator was 1.170 billion rubles. Adjusted net revenue totaled 5.993 billion rubles. Thus, the growth in this indicator has amounted to 15%.

The actual data have exceeded the forecasts of analysts who believed that the company would demonstrate 1.617 billion rubles of adjusted net profit and 5.844 billion rubles of revenue.

Such a success is due to the increase in net revenue from payment services. This indicator has grown 29% during the reporting period and amounted to 5.484 billion rubles.

Over the three reporting months, payments made through the company’s services have increased 32%.

Qiwi’s loan programs are suffering a serious loss, which would probably make the company management to revise the policy. The segment to which Rocketbank is attached also suffers losses. For the third quarter of this year, they have lost 632 million rubles. Back in the summer, the unprofitable Rocketbank came up for sale; at the moment, the company has hired a special team to look for opportunities to profitably sell the asset.

A year ago, Qiwi reported a loss of 80 million rubles in the segment of operations with small and medium-sized businesses. This year the company has managed to change the “-” sign to the “+”one. The net profit in this segment has amounted to 156 million rubles.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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