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In 2024, Ibancar demonstrated significant growth in the scale of its operations, financed mainly by an increase in debt capital and in particular the iuvo P2P platform. As a result, the company increased its turnover from €5.96M to €7.79M (+30.70%), indicating a successful expansion and growing market share.
Operating profit increased by nearly 40.70%, reaching €1.67M in 2024 compared to €1.19M in 2023. The improvement reflects increased efficiency and comes from higher revenues and a lower relative weight of Supply expenses, which offset the registered growth in Other operating expenses (+42%) and Personnel expenses (+24%).
There is an increase in the company’s Financial Expenses, which are up 82.3% (€1.05M in 2024 compared to €0.58M in 2023). The increase is consistent with almost doubled long-term liabilities and the accompanying higher interest costs. As a result, the operating growth is offset by higher financial expenses and leads to a minimal increase in Profit before taxes (+1.4%), which in 2024 amounts to €0.62M.
The net result grows moderately to €0.46M in 2024 from €0.41M in 2023, or a growth of 13.7%, which is realistic considering the jump in financial expenses in the last calendar year.
There is an improvement in the company’s liquidity position, with the Total Liquidity Ratio increasing to 1.94 in 2024 compared to 1.36 in the previous reporting period. Better operational flexibility is ensured, with an increase in Cash (€1.04M compared to €0.56M in 2023, or an increase of 85.6%).
The loan portfolio managed by the company increases significantly to €12.3M in 2024 compared to €7.28M in 2023 (+ €5M). The expansion is financed primarily with debt – Long-term liabilities: €12.74M compared to €6.53M, which is an increase of 95.2%.
Equity and reserves increase from €1.28M to €1.74M (+36.1%) in 2024, as a result of the reintegrated realized profit of €0.46М.
See the full audited report of Ibancar for 2024 HERE.
See the updated presentation of Ibancar HERE.
