PPF Group’s net profit declines by 10.6% in H1 2024 amid strategic shifts

PPF Group, a major investment conglomerate, reported a net profit of €634 million for the first half of 2024, marking a 10.6% decrease compared to the same period last year. The drop, announced by PPF to the Czech News Agency, was attributed in part to the previous year’s boost from the sale of its Philippine Home Credit business in H1 2023.

Despite the decline, PPF’s financial services, telecommunications, and media divisions remained resilient, forming a strong base for the group’s investment initiatives, according to PPF’s CFO, Kateřina Jirásková.

In 2024, PPF continued its push into European markets, strengthening its portfolio in Central and Eastern Europe while executing its planned exit from Asian financial services. Notable investments include increasing its stake in Viaplay to 29.29% in February, positioning PPF as one of the leading shareholders in the Swedish streaming platform. The group also became the largest shareholder of InPost, a European parcel locker company, following an April agreement.

PPF diversified further through a joint venture with ITIS Holding, acquiring a stake in German machine vision and road safety company Vitronic. October saw the completion of a partnership with the global tech group e& to form e& PPF Telecom Group, enhancing PPF’s telecommunications presence in Central and Eastern Europe.

PPF is also set to finalize the sale of Home Credit’s assets in Vietnam and India in 2025, expected to generate around €800 million. With a portfolio spanning financial services, telecommunications, media, real estate, and more, PPF’s asset base stands at €44.1 billion, employing 47,000 people across 25 countries globally.

Source: CTK