Published: 2021-08-31 22:12:25 CEST
mogo
Financial Statement Release

AS "mogo" (Latvia) reports on sound financial performance in the first half of 2021

AS "mogo" Latvia operations group (including AS "mogo" and AS "Renti") continues to demonstrate sound financial performance. The Group's net profit amounted to 3.3 million euros or 10% increase compared to 3 million in first six months for 2020. The increase in profit is driven by significant operational improvements in the long-term rent and car sale processes as well as further supported by the performing portfolio sales. Due to the revised car sales strategy, the net result from car sales has increased by 36% or by 300 thousand euros compared to the 2020 six months. Car rental income has increased by 15% comparing to six months 2020. On average, the Group concluded 130 new long-term car rent agreements monthly, exceeding 4000 active rent customers on 30 June 2021 (an 8% increase comparing to 30 June 2020).

Krišjānis Znotiņš, Chairman of the Mogo Latvia Board: "In 2020 the Group's net profit was the highest since the establishment of Company in 2012 thus the fact that first six months of 2021 net result exceeds 2020 respective period sets a solid ground for a new record profit year. In 2021, the Latvian operations Group continued its operations to accomplish its mission – to enable mobility through accessible and affordable used car leasing and rent services. The Group has successfully performed through first, second, and current Covid-19 waves, and it comfortably continues 2021 from both – operational and future funding availability – perspectives, as there has been a healthy "bounce back" observed in the car market which is growing by 22% comparing to the first six months of 2020. In 2020, a Covid-19 effect on the car market was a 26% drop in new car sales and 14% in used car sales compared to 2019."

In the first half of 2021, the Group continued to invest significant resources in developing information system solutions to improve its operational activities by automating the current processes in the nearest future. The main focus areas in 2021 are to continue ensuring stable portfolio quality and providing improved customer experience for the Latvian operations Group's offered products and related party servicing.

 

About AS “mogo”

AS “mogo” is a part of the international financial technology company Eleving Group (former Mogo Finance). Mogo in Latvia offers leasing, reverse leasing, and car rental services in the most convenient way for customers - online, by phone, and with more than 210 partners. Mogo in Latvia serves more than 12 thousand customers, managing a product portfolio of 38 million euros.

 

About Eleving Group

Eleving Group comprises a number of international and fast-growing financial technology companies with a global presence. The Group operates in the vehicle and consumer finance segments in 3 continents, providing financial inclusion and disruptively changing financial services industries in its countries of operation. Founded in 2012 in Latvia and having expanded all across the Baltics within its first year in business, the Group continued expansion in the following years, servicing a total of 14 active markets as of the end of first half of 2021.

With its headquarters in Latvia, the Group operates in the Baltics, Central, Eastern, and South-Eastern Europe, Caucasus, Central Asia, and Eastern Africa.

For two consecutive years since 2020, the Group has appeared on the Financial Times list of Europe’s 1000 fastest growing companies.

Read more: www.eleving.com

 

Neringa Plauskiene

Eleving Group

Regional Chief Financial Officer

Phone: +371 66900904

Email: neringa.plauskiene@eleving.com

 


Mogo JSC FS 6m 2021 CON ENG.pdf