The listed financial group concluded the first half of 2024 with a 9% rise in cash EBITDA, reaching over PLN 128 million. Repayments from claims due to the BEST Group surged by 17% in the past six months, totalling nearly PLN 236 million. The Group’s revenue and income growth are driven by robust investments in claim portfolios and a steady increase in operational efficiency.
In the first half of the year, BEST Group’s operating revenues reached PLN 181.3 million, up from PLN 179.4 million in the previous year. The relatively flat revenue structure was attributed to the absence of positive portfolio revaluations and the removal of data on half of the portfolios from the BEST III Fund in Q4 2023. Nevertheless, net profit for H1 2024 increased by 26%, totalling PLN 31.7 million.
The Group’s results this year were notably shaped by substantial growth in its operations. At the end of the past six months, the balance sheet value of claim portfolios reached PLN 1.46 billion, marking the highest level in the Group’s 30-year history. During the first half of the year, the BEST Group invested PLN 178.5 million in acquiring new portfolios, which had a nominal value of PLN 0.87 billion. Additionally, the estimated nominal value of estimated remaining collections from the held portfolio (ERC) increased by 10% in the first half, surpassing PLN 3.3 billion.
– We are now seeing the results of years dedicated to building a solid foundation for BEST Group’s dynamic growth. Our progress is driven by a robust, stable balance sheet that enables us to secure diverse financing options, as well as by the continuous enhancement of our key processes. While we are still working on improving the efficiency of BEST Group, we anticipate that our ongoing digital transformation will further boost our operational leverage and support continued growth in business profitability, said Krzysztof Borusowski, President of the Management Board of BEST S.A.
Marek Kucner, Vice-President of the Company’s Management Board, highlighted that the BEST Group intends to maintain its active presence in the claim portfolio market during the latter half of 2024. This will be supported, in part, by funds provided by bond investors. In Q3, BEST S.A. conducted two public bond issues totalling PLN 65 million, which were met with significant oversubscription. In 2023, we allocated over PLN 310 million for claim purchases. Our goal for 2024 is to surpass this figure. We are also focusing on expanding our operations in Italy, where portfolio exposure increased by nearly 50% in 2024, added Marek Kucner.
