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PPF Group returns to pre-Covid levels of profitability

PPF a.s.

16/10/2023 | 2 minutes to read

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PPF Group posted a net profit of EUR 709 million for the first half of 2023. It made a series of investments in developed markets to diversify further and strengthen the Group's portfolio. 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. The positive financial results were underpinned by a gain from the sale of Home Credit Philippines, which closed in June.

"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. Our performance enables us to be healthily ambitious in our future investment program," said Kateřina Jirásková, PPF Group's CFO.

Since the start of the year, the Group has made equity investments in companies in Europe, the United States and South Africa. These include the acquisition of shareholdings in ProSiebenSat.1, a German media group, and InPost, the Netherlands-listed operator of a pan-European network of self-service lockers for e-commerce. In August, PPF also announced a partnership agreement with global technology group e& to create a major player in the Central and Eastern Europe telecoms market.

In line with the strategy to strengthen its presence in European and North American markets, PPF completed the sale of Home Credit Indonesia in October 2023, following the Philippines transaction that settled in June. The buyer of both assets is a consortium led by Japan's Mitsubishi UFJ Financial Group.

Key financial indicators (MEUR) as per IFRS


30 June 2023

30 June 2022

y-o-y change

Total operating income




Profit (loss)





30 June 2023

31 December 2022

year-to-date change

Total assets








Figures in brackets indicate a loss or decrease.

* Original figures as at 30 June 2022 and 31 December 2022 (before being restated in accordance with the new IFRS standards).

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