Mogo Finance reports Unaudited results for the nine months ended 30 September 2019
Increase in issuances continue to drive strong results
OPERATIONAL AND STRATEGIC HIGHLIGHTS
- Group loans issued increased strongly by 40.2% equaling EUR 132.6 million (9M 2018: EUR 94.6 million), of which EUR 76.3 million in mature markets (9M 2018: EUR 69.1 million)
- Number of active customers in mid-tier markets up significantly by approx. 100.0% to over 17,000 (31 December 2018: approx. 8,500)
- Near-prime product launched in Latvia in cooperation local Latvian bank
- After testing phase Mogo Finance decided to temporarily stop operations in the Ukraine market
FINANCIAL HIGHLIGHTS AND PROGRESS
- Interest and similar income including income from used car rent up strongly by 41.2% to EUR 55.8 million (9M 2018: EUR 39.3 million)
- Rapid growth in net interest income of 35.5% to EUR 37.8 million (9M 2018: EUR 27.9 million)
- Significant increase in EBITDA by 55.1% to EUR 22.8 million (9M 2018: EUR 14.7 million)
- Net profit for the period improved notably by 82.1% to EUR 5.1 million (9M 2018: EUR 2.8 million)
Modestas Sudnius, CEO of Mogo Finance, commented:
“In the first nine months of 2019, growth of portfolio was supported by significant increase in key financial figures – net profit and EBITDA notably. Mid-tier markets are developing according to our strategy and increasingly contributing to the Group’s profitability. Mogo growth and success in 2019 so far is a result of consistent strategy, great and dedicated team work within the headquarters as well as all countries where Mogo has gathered all the best talent from the industry.”
The full unaudited report for the nine months ended 30 September 2019 is available under https://current.mogo.finance/investment/results-and-reports/.
A conference call in English with the Group’s management team to discuss these results is scheduled for 20 November 2019, at 15:00 CET.
Please register: http://emea.directeventreg.com/registration/4819519
The presentation for the conference call will be available here as of 20 November 2019, at 09:00 CET.
About Mogo Finance:
Mogo Finance is one of the largest and fastest-growing secured used car financing companies in Europe. Recognizing the niche in used car financing underserved by traditional lenders, Mogo Finance has expanded its operations to 14 countries issuing over EUR 450 million up to date and running a net loan and used car rent portfolio over EUR 180 million. Mogo offers secured loans up to EUR 15,000 with maximum tenor of 84 months making used car financing process convenient, both for its customers and partners. Wide geographical presence makes Mogo unique over its rivals and diversifies revenue streams.
Mogo Finance operates through its own branch network, more than 1,500 partner locations and strong online presence. Physical footprint makes Mogo Finance top of mind brand in used car financing. Established in 2012, headquartered in Riga, Latvia Mogo Finance operates in: Latvia, Estonia, Lithuania, Georgia, Poland, Romania, Bulgaria, Moldova, Albania, Belarus, Armenia, Uzbekistan, Kazakhstan and North Macedonia.
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