PPF's net profit rises to EUR1.45bn in 2023 from EUR164m in 2022

PPF group recorded a net profit of EUR1.45bn (some Kc36bn) last year, its best financial result since 2008 when it booked gains from a transaction with Italian insurer Assicurazioni Generali and an increase from 2022's EUR164m (roughly CZK4bn), PPF announced today.

Telecommunications companies, banks, and TV stations in all the markets where PPF operates drove the 2023 extraordinary result. One-off gains from the sale of Home Credit in the Philippines and Indonesia also played a positive role.

PPF's assets increased by 9 percent to EUR43.5bn (roughly CZK1,100bn).

"I am proud of the joint work of our teams, which drove our excellent performance last year. I am also pleased that, thanks to our new investments, we have built a strong foundation for the group's further development in the coming years," said the group's CEO Jiri Smejc.

PPF investment group operates in 25 countries in Europe, Asia and North America. It invests in financial services, telecommunications, media, biotechnology, real estate and engineering.

The group includes consumer finance provider Home Credit, Air Bank, the telecommunications companies Cetin and O2, the media company Central European Media Enterprises (CME), the real estate group PPF Real Estate Holding, the engineering company Skoda Group and the Czech toll operator CzechToll.

Source: PPF and CTK