Eleving Group Increases Adjusted EBITDA by 24% in Q3 :: Dienas Bizness

An international group of financial technology companies Elving Group it has continued stable growth of the most important business indicators and is currently in a solid financial position, according to the consolidated financial report for the third quarter of this year.

The company increased its Adjusted EBITDA in nine months to € 53.5 million and achieved a record net portfolio.

During the reporting period, Eleving Group increased Adjusted EBITDA to 53.5 million. euro, which is 24% higher than a year ago, while adjusted profit before the impact of currency fluctuations increased to 17.7 million. against 12.1 million euros. euro over a nine-month period in 2021.

Adjusted revenue for the third quarter reached 136 million. EUR, which is 26.8% higher than 107.3 million. euro in the nine months of the previous year. Flexible vehicle rental and subscription products accounted for sales of 38.2 million. euro and this is 105.5% more than a year ago and 4.3% more than in the first six months of this year. Meanwhile, revenues from rental and leaseback products amounted to € 51.4 million. euro, with an increase of 25.2% compared to the corresponding period of last year and 13.7% compared to the first half of this year. Revenues from consumer products reached 46.4 million. euro, 2.6% less than in the third quarter of 2021.

At the same time, growth is also observed in the company’s portfolio, which currently has risen to 288.6 million. EUR and is 12.8 million. euro more than in the previous quarter this year. The company’s mobility and consumer products in the portfolio represented 224.8 million respectively. EUR and 63.8 million euros.

“Aware of the new global and economic reality, we continue to take a more conservative approach in the development of the company, but this does not mean that we do not plan for future growth. Our main goal this year is to improve existing products in our markets. stronger, which continue to demonstrate solid results in both the mobility and consumer credit segments. We have revised our lending policy and cost structure to be better prepared for future challenges. Demand for our products remains high and portfolio growth is almost 5%. It is slightly lower than in previous quarters of this year, however, it is our conscious decision to maintain healthy and controlled growth in these uncertain times, and not the result of the influence of external factors “, says Modestas Sudnius, CEO of Eleving Group, on the results of the last quarter.

One of the highlights of the third quarter was the fundraising in Kenya of 4 million. in the amount of EUR, using the private bond issue for local investors.

“Currently, we can assess that the strategic choices regarding the diversification of funding sources have been justified and produce tangible results. We are still in a relatively advantageous position, because at the basis of the funding structure are bonds, bank loans and loans from previously issued third parties, acquired at a time when the conditions for attracting finance on the capital markets were much more favorable “, adds Māris Kreics, Chief Financial Officer of Eleving Group.

Eleving Group is an international group of financial technology companies with a broad presence around the world. The group is represented on three continents and its business lines include vehicle and consumer financing services. The group, founded in 2012 under the Mogo brand, currently operates in 13 countries around the world.

Headquartered in Latvia, Eleving Group operates in the Baltics and Europe, the Caucasus and Central Asian regions, as well as East Africa.

In 2020 and 2021, the business newspaper “Financial Times” included the company among the TOP 1000 fastest growing Fintech companies in Europe.

Since its founding, Eleving Group has issued more than 1.2 billion. in euro loans, in addition to having served more than 500 thousand customers all over the world. The current credit portfolio exceeded 288 million. EUR.