Kredinor AS today published the quarterly report for the third quarter of 2024. Despite a negative result, the prioritized areas continue to show progress, as seen in the second quarter.
– I am pleased that the positive development in our operations continues. This quarter, we have made impairments on intangible assets in Kredinor AS that no longer hold economic value, which significantly affects the result. However, if we isolate the underlying operations, we see that we are still on the right track, says Rolf Eek-Johansen, CEO of Kredinor.
Key figures for the third quarter
Collection performance remained strong, reaching 103% in the third quarter of 2024, compared to 90% in the third quarter of 2023 (106.2% in the second quarter of 2024). The trend is still positive in the CMS business area, with revenues of MNOK 185 in Q3 compared to MNOK 177 in the same period last year.
– Total revenue was MNOK 375.5 (MNOK 188.2 in the third quarter of 2023)
– EBITDA was MNOK 121.6 (MNOK 93.6 in the third quarter of 2023)
– Cash EBITDA was MNOK 291.3 (MNOK 279.2 in the third quarter of 2023)
– EBT was MNOK –75.7 (MNOK –273.7 in the third quarter of 2023)
– We are following a financial plan that will return the company to profitable operations at a level expected for this type of business. Although the development has been good so far this year, it means that we must gradually improve results in the coming quarters, says Eek-Johansen.
Impairment
In the third quarter, Kredinor AS made a write down on intangible assets by a total of MNOK 85.3. The majority of this relates to the financial advisory service Kan AS.
– The revenues from Kan have not met expectations, and the value of the company has therefore been written down to zero in our books, says Rolf Eek-Johansen.
New leadership and reorganization
The quarter was also marked by a reorganization aimed at supporting the company’s long-term goals. Starting January 1st, industry veteran Tore Andresen will take on a newly created role as Country Manager for Norway. Abbe Fransson will return to Kredinor as Director of Developing Markets.
– Tore is a fantastic hire for us, and I am very pleased to have him on board. We need to strengthen our grip on our main market, and Tore is the right person for the job. At the same time, we must ensure solid development in our other markets. I can’t think of anyone better suited to lead this work than Abbe, who started our ventures in Sweden and Finland, says CEO Rolf Eek-Johansen.
Rolf Eek-Johansen
Chief Executive Officer – CEO
