By continuing to introduce innovative solutions and develop the circular retail business, the Latvian fintech company DelfinGroup increased growth in all business segments in the first quarter of this year. The company's revenue in the first quarter of 2024 increased by 26%, reaching 14.3 million euros compared to the same period last year.
"The company's strategy to implement flexible and modern solutions has also resulted in stable growth figures in the first quarter of this year. This shows a high demand for our services in society and that we are meeting the multiple needs of many people with our diverse services. Circular retail is an important development area for the company, where we have strengthened our market leadership over the last few years. We have created the largest online shop for circular retail by promoting circulation of pre-owned goods and the sustainable use of resources. At the same time, face-to-face transactions can be made in more than 90 Banknote branches in Latvia and Lithuania," explains Didzis Admidinš, Chairman of the Management Board of DelfinGroup.
Notably, the company's dynamic development and diversification of service offers have enabled the EBITDA of DelfinGroup to increase to 5 million euros, an increase of 28% compared to the first quarter of 2023, while profit before tax has increased by 12% to 2 million euros.
Sales of pre-owned, slightly pre-owned and new goods reached 3.6 million euros in the first quarter; an 9% increase compared to the same period last year. Meanwhile, loans amounting to 25 million euros were disbursed in the first three months of the year, an increase of 4% compared to the first three months of last year. The net loan portfolio of DelfinGroup has increased by 7%, to 95.6 million euros, since the beginning of the year.
"Alongside the development of the circular retail business, the company continues to invest in solutions to make financial services convenient and accessible for people. The virtual card with a credit line and the user-friendly, updated mobile app are some examples of how the company uses the latest technologies to provide customers with convenient and modern access to financial services. In addition, in the first quarter of this year, we started offering a digital pawnshop service to customers in Latvia, allowing the entire process to be carried out remotely. We are the first in the Baltics to offer this type of service," explains D. Admidinš.
About DelfinGroup
AS DelfinGroup is a licenced fintech company established in 2009 and operates under the brand names Banknote and VIZIA. The company has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer and pawn loans, loans developed for senior citizens, Buy now pay later loans (BNPL loans), and the sale of pre-owned goods online and at more than 90 branches across Latvia. Since 2014, DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and, since 2021, as a listed company on the Baltic Main List. The company regularly pays dividends to its shareholders. The sustainability of DelfinGroup is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion, and facilitating the circular economy.
Papildu informacija:
Aldis Umblejs,
AS DelfinGroup finanšu direktors
Talrunis: +371 26189988
E-pasts: IR@delfingroup.lv
