Net profit of PJSC SAFMAR Financial investments for FY2017 amounted to RUB 8.3bn in accordance with IFRS

Net profit of PJSC SAFMAR Financial investments for FY2017 amounted to RUB 8.3bn in accordance with IFRS

PJSC SAFMAR Financial investments (“SFI”, “holding company”; MOEX: SFIN), a public diversified investment holding company, today has published its financial results for the 12 months ended 31 December 2017 in accordance with IFRS.

Total income from operations and finance income for 2017 grew by 96% y-o-y to RUB 14.1 bn, consolidated net profit increased more than 2.5 times, reaching RUB 8.3 bn.

Net profit from insurance activities is the largest contributor, delivering 41%, or RUB 3.4 bn, almost half (46%) of the total income came from leasing operations (RUB 6.5 bn). The holding company’s equity was up from RUB 78.3 bn as at 31 December 2016 to RUB 84.6 bn as at 31 December 2017.

Avet Mirakyan, SFI’s CEO, commented:

The past year has confirmed the success of the idea of creating a holding company that brings together large assets from different segments in financial sector. In 2017, our portfolio companies demonstrated strong financial results while increasing their market shares. Europlan asserted its leadership in the car leasing market: both the number of contracts and the profitability of the business are growing. VSK’s financial performance also exceeded our most optimistic expectations, with its net profit rose by more than 1.5 times. We are also pleased with how NPF SAFMAR did in 2017. The fund's focus onto retaining its leading positions by the volume of pension savings under management and the number of customers was fully paid off. Overall, our first year of operation as holding company we proved to be a success. With our assets managed efficiently and generating a profit, we have a clear vision of where we are going and how to get there. In 2017, we provided a solid foundation for the future growth of our business, which we see as our biggest achievement for the year.

Financial statements were approved during the audit by Ernst & Young LLC and are available on the corporate website:


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