Continuing its dynamic and sustainable growth, Latvian fintech company DelfinGroup has increased its growth across all business segments in the second quarter of this year. The company's revenue in the second quarter of 2024 increased by 24% compared to the same period last year, reaching 14.8 million euros. Meanwhile, profit before tax increased by 18%, reaching 2.3 million euros.
Summarising the results for the first half of 2024, DelfinGroup revenue increased by 25% compared to the same period last year, reaching 29.1 million euros, while profit before tax reached 4.4 million euros, which is 15% more than in the first half of 2023.
Didzis Admidinš, Chairman of the Management Board of DelfinGroup, remarks that the company has been profitable since its inception and has more than doubled its turnover since the public offering in 2021, demonstrating its ability to grow the business and increase the company's value effectively. "The increasing revenues every quarter since the public offering indicate the effectiveness of the company's development strategy and the growing market demand for its services. Currently, the company's net loan portfolio has reached 101.5 million euros, surpassing the 2025 target of 100 million euros 18 months ahead of schedule. This was achieved through successful portfolio management, allowing us to reach our goals faster without increasing the associated risks," emphasises D. Admidinš.
To continue ensuring a diversified funding structure and refinancing existing liabilities, DelfinGroup plans to launch a new public bond issue of 15 million euros in all three Baltic states in the near future, attracting both retail and institutional investors. "With the company's stable performance and continuous growth, investor interest and confidence are also increasing. Currently, the company has more than 9,500 shareholders and 500 bondholders, and this number will increase with the public bond issue. Although DelfinGroup has a history of high-yield bond issuance since 2013, this is the first time the company will organise bond offering will be public and available to everyone. We plan to offer the bonds to both retail (private) and institutional investors, offering them at a lower nominal value. I would also like to mention that DelfinGroup bondholders receive coupon payments monthly, providing stable and predictable income," comments Didzis Admidinš.
Alongside its financial strategy, DelfinGroup is also actively strengthening its team, which is a crucial factor in ensuring the company's growth. The company is expanding its team with new professionals, thereby enhancing its competitiveness and adapting to the dynamic market and business environment.
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 and Lithuania. 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.
For further information, please contact:
Arturs Dreimanis
DelfinGroup Head of Treasury and Investor Relations
Phone: +371 26189988
E-mail: IR@delfingroup.lv
