Caspar AM posted net profit of PLN 1.58 million, EBIT of PLN 2.13 million in H1 2023

Caspar Asset Mangement reported PLN 1.58 million in consolidated net profit attributable to shareholders of the parent company in H1 2023, compared to PLN 2.37 million in profit a year earlier, the company said.

Operating profit was PLN 2.13 million vs. PLN 3.2 million profit a year earlier.

Consolidated sales revenues reached PLN 15.87 million in 1H 2023 vs. PLN 17.64 million a year earlier.

"The consolidated financial results of the Caspar Group in H1 2023 show sales revenues of PLN 15.9 million (-10.1% y/y). The decrease in the value of revenues occurred in the brokerage and distribution business segment and resulted primarily from lower assets under administration in equity products with an increase in assets under administration in debt products, on which lower margins are realized. At the same time, in the first half of the year, our mutual fund segment recorded an increase in sales revenues," the management letter to shareholders reads.

Caspar Group's operating expenses declined at a lower rate than revenues and amounted to PLN 13.8 million (-3.9% y-o-y). The level of the fixed portion of operating expenses was affected primarily by salary increases, as well as increased marketing costs related to the development of the Caspar Bond Subfund, which at the same time translated into a significant increase in the value of assets in this subfund. The Caspar Group's net profit in the first half of the year was PLN 1.6 million, compared to PLN 2.4 million in the first half of last year, it was also reported.

On a standalone basis, net profit in H1 2023 was PLN 2.5 million, compared to PLN 2.89 million profit a year earlier.

Caspar Asset Management is a brokerage specializing in affluent (HNWI) and ultra-wealthy (UHNWI) clients. In addition to managing individual client portfolios, it also provides a management service for institutional clients, including the management of mutual funds on behalf of Caspar Investment Fund Company. The company debuted on the WSE's main market on September 13, 2022. Prior to that, it had been listed on NewConnect since 2011.

Source: Caspar AM and ISBnews