On 9 July 2020, Kredyt Inkaso published the results for the financial year 2020/2021, which commenced on 1 April 2020 and ended on 31 March 2021. During this difficult pandemic-driven period, the Group’s net revenues increased by 55% and amounted to PLN 200.3 million. The Company generated a net profit of PLN 45.5 million at the consolidated level.
Kredyt Inkaso published an annual consolidated and separate financial report. From 1 April 2020 to 30 March 2021, the Group generated net revenues of PLN 200.3 million, EBITDA of PLN 92.9 million, and net profit of PLN 45.5 million. For comparison purposes, in the previous financial year 2019/2020, revenues amounted to PLN 129.4 million, EBITDA to PLN 4.6 million and a loss to PLN 35.9 million.
Contrary to the fears and projections dating back to the outbreak of the pandemic, COVID-19 did not adversely affect the debt recoveries and thus the final result achieved. Furthermore, the Company fully deployed a new IT system, which contributed to a significant streamlining of the processes.
The value of the updated projections of inflows from portfolios purchased by the Group was positive in the described financial year, and it amounted to PLN 35.5 million compared to the negative value in the previous year of PLN –11.7 million, which included a negative estimate of the COVID-19 impact in the amount of PLN 55.0 million. Repayments from debt portfolios in the described period amounted to PLN 222.6 million and were only 10% lower than in 2019/20. Kredyt Inkaso estimates that the total ERC (Estimated Remaining Collections) as at the end of March 2021 was PLN 1.2 billion. The Group’s plans include new purchases of debt portfolios and an issue of bonds this year as well.
“When entering the last financial year, we were very cautious and conservative in our projections. In view of the pandemic, the unstable macro-economic environment, and the projected increase in the unemployment rate, we expected a decline in the amounts recovered. Ultimately, the repayment ratio turned out to be much higher than the projections, and our organisation is recovering from the pandemic period stronger, with good results and new technological solutions. Additionally, data analytics is at a high level and continues to improve. What is the most important thing, however, is that we have an experienced and increasingly strong team, joined by experts featuring vast knowledge and experience. We are very well prepared to return to the path of growth.” – said Maciej Szymański, President of the Management Board of Kredyt Inkaso.
About Kredyt Inkaso
Kredyt Inkaso was established in 2001 as a pioneer on the Polish market of debt management. Ever since, it has been constantly supporting companies and entrepreneurs in the recovery process, cooperating with banks, lenders, insurers and other entities from the consumer market. Kredyt Inkaso offers a wide range of services: from payment monitoring, through amicable collection, to court and enforcement processes.
Since 2007, Kredyt Inkaso has been present on the Warsaw Stock Exchange, and in 2018 it conducted the first public issue of bonds. In its activity, the Company follows the principle that the process of debt collection should be as easy and intelligent as possible, but first of all, it should be ethical – which is confirmed by Ethical Audit Certificates awarded annually by the Association of Financial Enterprises in Poland. The Company also pays attention to the issues related to corporate social responsibility and therefore is involved in educational or pro-social undertakings, among others.
