MOSCOW, Aug 19 (PRIME) -- The adjusted net profit of Russian payment service operator Qiwi more than doubled on the year to 1.965 billion rubles in April–June, as calculated under International Financial Reporting Standards (IFRS), the company said on Monday in a statement.
Total adjusted net revenue increased 23% to 5.563 billion rubles. Payment services segment’s net revenue rose 35% to 5.158 billion rubles.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) spiked 90% to 2.639 billion rubles.
Payment services segment net profit increased 42% to 3.206 billion rubles.
The total payment services volume increased 41% to 370.8 billion rubles.
“As we continue to benefit from the strong performance and substantial cash flows generated by the payment services segment, which remains a core part of our business, we proceed with pursuing our strategy, building up our payment and financial services ecosystem and investing in the development of the new products and projects,” CEO Sergei Solonin said.
“We see many opportunities both in the payment space and in the adjacent markets and I believe we are well positioned to continue strengthening our ecosystem and increasing the life cycle of our clients with an ultimate goal of securing the long-term growth prospects of our company.”
Qiwi reiterated its adjusted net profit growth guidance for 2019 at 40–50%, but improved the revenue growth guidance.
Total adjusted net revenue is expected to increase 11–16%, payment services segment net revenue is seen to rise 23–27%. Payment services segment net profit is expected to grow 25–29% over 2018.
(65.9961 rubles – U.S. $1)
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