This report presents the H1 2024 operational data of NEO Finance, AB (hereinafter – the Company) – sales results and unaudited financial indicators. Key results include:
- The Company’s revenue in the first half of 2024, compared to the first half of 2023, increased by 43% and reached EUR 3 017 thousand.
- Cost of sales rose by 63% from EUR 611 thousand to EUR 824 thousand.
- Operating expenses increased by 30% from EUR 922 thousand to EUR 1 195 thousand.
- EBITDA grew by 13% from EUR 367 thousand to EUR 415 thousand.
- Profit before taxes was EUR 169 thousand, compared to a pre-tax profit of EUR 171 thousand in H1 2023.
|
2024 H1 |
2023 H1 |
2024 H1 /
2023 H1 Δ, % |
2022 H1 |
2024 H1 /
2022 H1 Δ, % |
| Revenue, EUR |
3 017 044 |
2 107 903 |
43% |
1 544 972 |
95% |
| Income P2P lending, EUR |
1 872 548 |
1 406 280 |
33% |
1 002 159 |
87% |
| Income from e-money issuance and management, EUR |
824 707 |
611 024 |
35% |
479 721 |
72% |
| Income from investment activity, EUR |
319 788 |
90 599 |
253% |
63 093 |
407% |
| Cost of sales, EUR |
(1 652 524) |
(1 014 207) |
63% |
(774 166) |
113% |
| Gross profit, EUR |
1 339 658 |
1 093 696 |
22% |
770 806 |
74% |
| General and administrative, other operating and interest expenses (depreciation excluded), EUR |
(1 195 254) |
(921 889) |
30% |
(781 482) |
53% |
| EBITDA, EUR |
414 514 |
366 601 |
13% |
125 021 |
232% |
| EBITDA Margin, % |
13,74% |
17,39% |
|
8,09% |
|
| Pre-tax profit (loss), EUR |
169 339 |
171 807 |
(1%) |
(12 286) |
|
Results of Businesses for H1 2024.
Paskolų Klubas
In the second quarter, our peer-to-peer lending platform generated revenues of EUR 950 thousand, reflecting a 33% increase compared to the same period last year. However, during this period, a slight decrease in issued loans was observed on the Paskolų klubas platform. This year’s second quarter saw loan issuances totalling EUR 9.88 million, compared to EUR 10.9 million in the second quarter of 2023.
Two main factors influenced this decline: first, the newly restructured loan management team still requires time to fully acclimate and serve borrowers most effectively; second, there was a decrease in the number of refinanced loans, mainly due to a reduction in the refinancing of existing credits. The business activities and efficiency level are expected to recover within the next quarter.
As a result of the lower number of issued loans, the growth of the active portfolio in the second quarter of this year was slightly below the usual level. The portfolio size increased by 21%, from EUR 73.1 million to EUR 75.4 million, compared to the first quarter of 2024.
Nevertheless, we are pleased to report that in Q2 2024, EUR 1,018 thousand were recovered from defaulted loans, representing a 19% increase compared to Q2 2023. EUR 827 thousand were recovered and distributed to investors from default loan interest and credit instalments. The Company also recovered EUR 191 thousand in recovery and intermediary fees from these loans.
Greta Morkūnaitė
Deputy Head of Administration
Neopay
Neopay faced significant challenges in making payouts more accessible for corporate clients, which was essential for their daily activities and delivering value to their customers. Despite these difficulties, we persevered and saw a positive impact on our performance from Q2 2023 to Q2 2024.
One of our main goals was to build a more united team. We aimed for every department to work together seamlessly and feel connected. It was crucial for everyone to understand the product well, feel comfortable using it, and have an easier time with their tasks. By delivering custom features for enterprise companies, we simplified their old payment systems and enhanced the user experience, resulting in less manual work, fewer errors, smoother processes, and cost savings.
I’m incredibly proud of how far we’ve come. We now have dedicated research and development teams focused on creating innovative products and continuously improving our services. Together, we’ve made significant strides, and I believe our teamwork and determination will keep driving us forward.
Viktoras Ivanovas
Head of Neopay
FinoMark
The crowdfunding platform FinoMark facilitated business loans totaling more than EUR 1.67 million in H1 2024. In the second quarter of 2024, FinoMark issued EUR 488 thousand in loans, which was 48% lower than in the same period a year ago. Despite the lower loan volumes, the total loan portfolio on the platform continued to grow, reaching EUR 5.23 million at the end of the quarter, a 27.25% increase year-on-year, with an average interest rate of 11.67%. While loan issuance has decreased, the strong portfolio growth underscores the platform’s commitment to supporting businesses and delivering value to investors.
Gražvydas Balčas
Head of FinoMark
The full interim report of NEO Finance AB (legal entity code: 303225546; registered address: Ukmergės g. 126, Vilnius, Lithuania) for the H1 of 2024, with confirmation by the responsible persons, are available for review in the attached document. |
