MGKL's net profit under IFRS for 9 months amounted to 55.8 million rubles

AK&M 01 December 2023 12:46

The net profit of PJSC MGKL (the parent company of the Mosgorlombard Group) according to IFRS for 9 months of 2023 amounted to 55.8 million rubles against a loss of 17.9 million rubles in the same period of 2022. Revenue increased by 4.1% to 1.16 billion rubles from 1.112 billion rubles, EBITDA increased by 60% to 406 million rubles. In the first 9 months of 2023, the Group's assets increased by 22.9% and amounted to 2.7 billion rubles. This is stated in the company's message.

The number of loans issued increased by 118.2% to 163.2 thousand (2.57 billion rubles). The loan portfolio increased by 35% and amounted to 971 million rubles. The number of customers increased by 60% to 61.49 thousand.

The Mosgorlombard Group (MGKL JSC) is engaged in issuing loans secured by jewelry, fur products and household appliances; provides retail services; conducts wholesale purchase and processing of scrap precious metals for the supply of pure gold to banks and jewelry manufacturers.

The Mosgorlombard Group includes a chain of pawnshops under the brand of the same name, founded in 1924. Until 2014, the pawnshop chain belonged to the Moscow government, then it was bought out by the Bank of Moscow. In 2016, the Bank of Moscow was joined to VTB, and the Moscow City Pawnshop became a non-core asset of the VTB Group. In 2018, the Moscow City Pawnshop is undergoing a change of ownership — current shareholders are buying 100% of shares from VTB Group. In 2023, a structural reorganization was carried out, as a result of which the diversified Mosgorlombard Group was formed.

The Mosgorlombard Group, represented by the parent company MGKL PJSC, includes the following legal entities: pawnshop business – Auto-Pawnshop Equivalent LLC, Lombard Platinum LLC; resale of highly liquid goods – Resale LLC, Glavmostorg LLC; the secondary market of precious metals – LOT-Gold VAT LLC. MGKL PJSC owns a 100% stake in each company.

The pawnshop business of the Group operates under the Mosgorlombard brand, the retail business under the Retail Market brand, the purchase and processing of precious metals under the LOT-Gold VAT brand LLC.