Please find attached interim information for the Q3 2022 of NEO Finance AB (hereafter – the Company) – sales results and unaudited financial data.
The company’s EBITDA for the first nine months of 2022 was EUR 299 785, while in the first nine months of 2021 this figure was 434 813 EUR. The negative change was caused by the increased general expenses and decreased income from investment activities. Accordingly, profit before tax in the first half of 2022 was EUR 82 657 , while in the first nine months of 2021 a profit before tax of EUR 258 130 was archieved.
|2022 Q1-Q3||2021 Q1-Q3||∆, %|
|Loans granted, EUR||26 547 250||20 522 267||29%|
|Income, EUR||2 478 364||2 496 793||-1%|
|Sales expenses, EUR||(1 205 491)||(1 182 532)||2%|
|Gross profit/loss, EUR||1 272 873||1 314 261||-3%|
|General and administrative expenses, EUR||(1 190 216)||(1 056 131)||13%|
|EBITDA, EUR||299 785||434 813||-31%|
|Profit/loss before tax, EUR||82 657||258 130||-68%|
|Income tax, EUR||12%||17%|
|Net profit/loss, EUR||3%||12%|
In Q3 2022, all our businesses grew in volume terms. Compared to the same quarter last year, the amount of loans issued through the Paskolų klubas platform grew by 16%, the number of payment transactions by 30% and the amount of loans issued to SMEs through Finomark grew by 4.5 times. It is important to note that the growth in business volumes has been achieved while maintaining profitable operations, which is extremely rare among growing Fintech companies,“ said Evaldas Remeikis, CEO of NEO Finance.
The company‘s revenue in Q3 of 2022 increased by 2 percent from EUR 914 K to EUR 933 K while cost of sales decreased by 7 percent, from EUR 466 K up to EUR 431 K. During the same period operating costs increased by 24 percent, from EUR 330 K up to EUR 409 K. Profit before taxes for Q3 2022 was EUR 94 943 while in Q3 2021, pre-tax profit was EUR 69 035.
Fields of acitvity overview
Paskolų klubas (peer-to-peer lending)
In the first nine months of this year, NEO Finance AB continued to increase the volume of issued consumer loans. In January – September of 2022, the platform funded EUR 26.547 M, 29% more than in the first nine months of 2021. Meanwhile, revenue decreased by 1% to EUR 2 478 K compared to the same period of 2021.
Neopay (payment initiation services)
The volume of payment initiation services also grew in the first nine months of 2022 – Neopay customers performed almost 14.7 M units of transactions. Compared to the same period of 2021, during which 11.2 M units were processed, the volume of transactions increased by 30.46%.
In the first nine months of 2022, the FinoMark crowdfunding platform issued business loans for EUR 1 722 K.
Head of Finance
The full interim report and financial statements of NEO Finance AB (legal entity code: 303225546; registered address: Vivulskio g. 7, Vilnius, Lithuania) for the first nine months of 2022, with confirmation by the responsible persons, are available for review in the attached document.