The PPF investment group reported a net profit of EUR709m (Kc17.4bn) in the first half of 2023, compared to a loss of EUR400m (Kc9.8bn) in the same period last year, and its assets reached Kc1,080bn in H1, rising by 9 percent this year, PPF announced yesterday.
“Our telecommunications, media and financial assets made particular contributions to our overall net profitability in the first half of the year, which is comparable to our pre-COVID results,” said Katerina Jiraskova, the group’s CFO.
PPF said that the positive result in the first half of the year also reflects the proceeds from the sale of Home Credit Philippines.
“Companies across the group contributed to overall net profitability, which wasn’t unduly impacted by the exit from Russia, the associated costs of which were largely booked in 2022,” PPF said.
Over the past ten months, PPF has made equity investments in companies in Europe, the United States and South Africa. Significant investments include the acquisition of stakes in German media group ProSiebenSat.1 and company InPost, which operates a European network of self-service e-commerce lockers.
PPF also announced in August a partnership agreement with global technology group e& to create a major player in the telecoms market in Central and Eastern Europe. In line with its strategy to strengthen its presence in Western markets, PPF completed the sale of Home Credit Indonesia in October 2023, following the Philippines transaction that closed in June. The buyer of both assets is a consortium led by Japan’s Mitsubishi UFJ Financial Group (MUFG).
The PPF group operates in 25 countries in Europe, Asia and North America, investing in a number of sectors, chiefly financial services, telecommunications, media, biotechnology, real estate and engineering. As of June 30, it employed 50,000 people worldwide.
Source: PPF and CTK
