Qiwi IFRS adjusted net profit rises 10% to 1.2 bln rbl in Jul–Sep

MOSCOW, Nov 14 (PRIME) -- The adjusted net profit of Russian payment system operator Qiwi increased 10% on the year to 1.170 billion rubles in July–September, as calculated under International Financial Reporting Standards (IFRS), the company said on Wednesday in a statement.

The total adjusted net revenue spiked 62% to 5.230 billion rubles. Payment services segment net revenue rose 34% to 4.257 billion rubles.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 23% to 1.633 billion rubles.

The payment services segment net profit increased 27% to 2.487 billion rubles.

The total payment services volume increased 26% to 297.1 billion rubles.

“As we continued to benefit from the strong performance of the payment services segment, which remains a core part of our business, generating significant cash flows, we are well positioned to pursue our strategy and carry on with investing in new business lines and projects in order to build up our ecosystem, diversify our operations, prolong the life cycle of our clients and ultimately secure the long term growth prospects of our company,” CEO Sergei Solonin said.

Qiwi upgraded its 2018 guidance: the adjusted net profit is expected to decline 10–15% over 2017; adjusted net revenue is seen to rise 40–45%; payment services segment net revenue is expected to increase 22–27%; and the payment services segment net profit is expected to increase by 17–22%.

“The upgrade of the guidance was primarily driven by the strong performance of the payment services segment as well as the recognition of the Tochka project revenues for the most part of the second half of 2018,” Qiwi said.

(67.6812 rubles – U.S. $1)

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