QIWI Payment Services Drive Third Quarter Revenues

QIWI (NASDAQ:QIWI), a payments fintech that develops virtual wallets announced a 15 percent uptick in revenues compared to the same time last year, reaching US$93 million. During the same time period, adjusted earnings before interest, tax, depreciation and amortisation increased 54 percent to US$39.1 million.

As quoted in the press release:

Third Quarter 2019 Operating and Financial Highlights

• Total Adjusted Net Revenue increased 15% to RUB 5,993 million ($93.0 million)
• Payment Services Segment Net Revenue increased 29% to RUB 5,484 million ($85.1 million)
• Adjusted EBITDA increased 54% to RUB 2,516 million ($39.1 million)
• Adjusted Net Profit increased 62% to RUB 1,893 million ($29.4 million), or RUB 30.30 per diluted share
• Payment Services Segment Net Profit increased 31% to RUB 3,259 million ($50.6 million) or RUB 52.15 per diluted share
• Total Payment Services volume increased 32% to RUB 391.3 billion ($6.1 billion)

“Today I’m glad to share our third quarter 2019 financial results. This quarter we continue to demonstrate robust performance, especially in our Payment Services business, which delivered 29% segment net revenue growth and 31% segment net profit growth. The performance of our payment services business continues to be driven predominantly by the expansion and enhancement of the product proposition we offer to our users, merchants and partners underpinned by the secular trends in our key markets. Our results clearly emphasize the value and relevance of the payment ecosystem we have developed so far and aim to develop further,” said Sergey Solonin, QIWI’s chief executive officer. “As we continue to benefit from the strong performance and substantial cash flows generated by the Payment Services segment, which remains a core part of our business, we proceed with pursuing our strategy of building up our payment and financial services ecosystem and investing in the development of new products and projects, the majority of which also demonstrate improving operating and financial performance. We see many opportunities both in the payment space and in the adjacent markets and I believe we are well positioned to continue strengthening our ecosystem with the ultimate goal of securing a long-term growth prospects.”

Click here to read the full press release.