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QIWI profits up 64% to $26.7 million

0 8 August 2014

QIWI Plc has announced its financial results for the second quarter of 2014. Its overall adjusted revenue was up by 35% compared with the same period in 2013, totalling $62.8 million. The breakdown was as follows:

       -$46.4 million – turnover from transactions

       -$4.6 million – taken from inactive accounts

       -$12 million – other revenue

The company’s adjusted EBITDA grew by 62%, to $38.2 million 

The growth in corrected EBITDA is chiefly down to growth in revenue and the operational profitability of the business, as well as factors such as a drop in marketing expenses, which were lower for the second quarter, after being cut in the 3rd and 4th quarters of 2013.

The adjusted net profit for the second quarter of 2014 was $26.7 million, up 64% from the previous year. The total sum of payments for the second quarter was $4.6 billion, up 17% from the same sector in 2013.

The number of active Visa QIWI Wallet accounts was 15.8 million for the quarter, up 12% on the same period last year (14.1 million). QIWI has stated that following these results the board of directors has recommended dividends of around 46 cents per share. The list of shareholders who are entitled to this dividend will be drawn up on 18th August. QIWI will pay the dividends on 19th August.  

Segrgey Solonin, CEO of QIWI:

“For the second quarter we have continued to demonstrate strong results. Our high level of growth clearly demonstrates that we have successfully implemented our strategy and continue to merit our position in the fast growing payments market. Furthermore, this quarter we launched a new interface for Visa QIWI Wallet which will further promote the uptake of our services and stimulate their more regular use.”

Shares in QIWI on the NASDAQ stock exchange actually fell after the announcement of these results.

QIWI predict growth in adjusted net revenue for 2014 to be between 30-32%, with net profit growing by 36-38%.

Source: RusBase.vc, CNews.ru

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