KRUK Group, active in credit management in Europe, released its financial results for the first half of 2024, which ended on 30 June. The Group’s net profit reached PLN 603m (approximately EUR 140m), marking a 14% increase compared to the first half of 2023. Recoveries from purchased loan portfolios also grew, reaching PLN 1,738m (approximately EUR 404m), an increase of 16%. Cash EBITDA reached Zloty 1,191m (about EUR 277m), up 11% year-on-year.
The Group invested PLN 900m (approximately EUR 209m) in the first six months of the year, with 61% of the investments made outside Poland, focusing mainly on the Italian market. During the six months, KRUK also started operations in France.
With regard to the Italian market, the figures for the first half of 2024 show:
- Recoveries of PLN 373m (approximately EUR 86.7m), up 29% year-on-year, representing 21% of the Group’s total.
- The book value of the purchased debt portfolios reached PLN 2.3bn (approximately EUR 534.9m), representing 25% of the total book value of the portfolios held by the Group.
- Gross profit and EBITDA in Italy increased by 37% and 41% respectively, mainly as a result of the increase in revenues.
- KRUK’s market share in Italy in the primary retail unsecured sector is estimated at around 50%.
Piotr Krupa, Chairman of the Board of Directors and Chief Executive Officer of KRUK S.A., commented on the results: “The performance in the first half of the year reflects KRUK’s journey over 25 years as an organisation that has consolidated its position in the market. Net profit and cash EBITDA reached the highest levels in the company’s history for this period. We will continue to strengthen our international presence in the major markets where we operate.”
Tomasz Kurr, CEO of KRUK Italy, emphasised the key role of Italy for the Group: “KRUK Italy played a significant role in these results, positioning itself as the second most important market for investments after Poland. Revenues increased by 30 per cent to PLN 280 million (about EUR 65 million), thanks to the increase in interest income and the revaluation of expected recoveries, which grew by PLN 18 million (about EUR 4 million) compared to last year. The first half of the year was positive, and we will work to maintain this trend in the coming months.”
