AS “mogo” and its subsidiaries concluded 2018 with 46% increase in turnover

In 2018 the turnover of AS “mogo” and its subsidiaries reached nearly 19 million euros, which is 46% turnover, compared to 2017. Thanks to increasing interest of the customers in possibility to get loan for the purchase of a used car, 2018 was concluded with 22% increase of the gross value of leasing and secured loan portfolio, reaching almost 40 million euros. Profit after taxes amounted to 2.8 million euros.

Director of AS “mogo” Krišjānis Znotiņš explains the growth of the company targeted investment in product development, as well as the activity of the used car market. Registration of used vehicles in second half of 2018 increased roughly by 4%. The most popular car models were Volkswagen, Volvo and Audi.

Krišjānis Znotiņš , Director of AS Mogo, commented:

“We will continue to invest in development of existing IT services and we also plan to introduce new financial products, to meet customer needs as best as possible. Also one of the main priorities of this year is satisfaction of the customers – we particularly work on having excellent employees, who take care of individual approach to the situation of every customer. We are aware that we can help in cases, when traditional financial institutions refuse loan, but the person needs a car to go to work or do small business. We can ensure that the customer gets a car within a day”

At the end of 2018 AS “mogo” had 56 employees and had paid 2,156 million euros in taxes to the national budget of Latvia.

In 2018 AS “mogo” continued its contribution to the development of the Latvian sports, becoming the sponsor of the Latvian women’s tennis team, LNK Boxing box club and Basketball club team “TTT Riga”. This year started with gads the win of HC “Mogo” in the Latvian hockey championship, whereas in May AS “mogo” became the General Sponsor of the Latvian men’s volleyball team.

About AS “mogo”

AS “mogo” was registered in 2012; the fixed capital of the company is 5 million euros. The company offers classical financial leasing, crediting against the vehicle already owned by the customer (reverse leasing) and consumer credit, which can be received by filling an application at the company website, in mobile site, by phone, at more than 270 cooperation partners selling used cars or customer service centers in major Latvian cities. The company services are used in Latvia by more than 20 thousand customers.

AS “mogo” is part of Mogo Finance S.A., and the companies of this group are successfully providing service to more than 100 thousand customers not only in Latvia, but also in Estonia, Lithuania, Georgia, Armenia, Poland, Bulgaria, Bulgaria, Romania, Moldova, Albania, Ukraine, Belarus, Uzbekistan, Kazakhstan and Macedonia, and the company plans to expand its activities in other countries as well. The total scope of the loans issued by the group companies at the moment amounts to 367 million euros, and the total net credit portfolio of the company is more than 140 million euros. Currently Mogo Finance S.A. has more than 700 employees.

Bonds of Mogo Finance S.A. and the related group companies are placed on the open market of the Frankfurt Stock Exchange. Total value of the bonds – 75 million euros. AS “mogo” has emitted bonds for 20 million euros, which are placed at the Regulated Market of Nasdaq Riga Stock Exchange, as well as bonds for 10 million euros, which are placed at the Alternative market of Nasdaq Riga Stock Exchange,.

Aigars Kesenfelds is indirectly the largest shareholder of Mogo Finance S.A.

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