William Malcolm

PPF Group Reports Rising Revenue, Profits In First Half Of 2021

The PPF Group of the late Petr Kellner generated a consolidated and audited net profit of EUR 208 million (CZK 5.32 billion) in the first half of 2021, while a year earlier it reported a loss of EUR 384 million (CZK 9.83 billion). PPF informed ČTK about it today.

The group’s total assets reached EUR 40.3 billion (CZK 1.03 trillion) at the end of June, which is an increase from EUR 39.7 billion at the end of 2020. PPF’s equity attributable to shareholders amounted to EUR 8.6 billion (CZK 220 billion). when at the end of 2020 it was 7.9 billion euros.

“PPF’s results for the first half of the year show that the group is able to overcome the immediate but long-lasting effects of the pandemic on business, thanks to industry and geographical diversification of its portfolio. transactions and at the same time continue to invest in existing assets, “said Kateřina Jirásková, CFO and member of the PPF Steering Committee.

According to her, the pandemic hit the consumer finance business the hardest. “Therefore, I am pleased that in most markets where Home Credit operates, including the Czech Republic and Slovakia, we have managed to maintain long-term profitability,” she added.

“Given PPF’s diversified operations, it is no coincidence that the group is participating in the global post-covid recovery. With the exception of financial services, all segments in which PPF operates reported a profit in the first half of this year,” commented Cyrrus analyst Tomáš Pfeiler. The main reason for the worse outcome of financial services is the loss on consumer credit. According to him, this was mainly due to the complicated operating environment in China and the generally slower pace of recovery in emerging markets, where the group is active.

PPF Group invests in a number of industries, from financial services to telecommunications, media, biotechnology, real estate to engineering. PPF operates in Europe, Asia and North America. It employed 80,000 people worldwide at the end of June. PPF has its ownership and management structure in the Netherlands. Until his death, the majority owner of PPF Group, NV was the richest Czech Petr Kellner, who according to the company’s annual report controlled 98.93 percent of PPF. The widow Renáta Kellnerová was appointed administrator of the estate and represents the family at the meetings of the steering committee of the PPF group.