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AS "mogo" (Latvia) launches a new car subscription service and reports stable results from core operations
Emitents mogo AS (213800DOKX626GYVOI32)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2022-08-26 15:00:28
Versijas komentārs

AS “mogo” Latvia operations group (including AS “mogo” and AS “Renti”) has generated a net profit of EUR 1.2 mln in the first six months of 2022. The decrease in net profit compared to the first six months in 2021 is mainly driven by not executing portfolio sales transactions, which generated EUR 1.5 mln of income in the respective period a year ago. The strategy of performing portfolio sales remains active. Total assets have increased by 9%, reaching EUR 60 mln. At the same time, financing provided to related entities increased from EUR 35 mln at the end of 2021 to EUR 38 mln on 30 June 2022, thus strengthening the AS “mogo” Latvia operations group’s importance in the Eleving Group structure.

Quality improvement of loans and rental portfolio in combination with limited sales of the nonperforming portfolio has helped to decrease impairment costs from EUR 311k in the first six months of 2021 to EUR 250k in the same period of 2022.

In December 2021, AS “Renti” launched a new service – “Renti plus”. It is a subscription product of brand-new cars for clients searching for immediate mobility solutions, with an open contract that allows customers to lease a car from one to 36 months. The single and fixed monthly subscription price includes all car maintenance and upkeep costs. The company is offering to clients all the most popular makes and models. It is planned that “Renti plus” will become the core of AS “Renti” and in long run, it will initiate the decrease of used car long-term rent in the company’s portfolio.

Krišjānis Znotiņš, Chairman of the Mogo Latvia Board: "We are focusing on our mission accomplishment - to enable mobility through accessible and affordable used car leasing and rent services. Expanding our car financing offer to customers with demanded new car subscription services fits our strategy very well. We will focus on the newly launched rental subscription product “Renti plus”, continue to ensure stable portfolio quality, and improve the customer experience of our products and services offered by related third parties."

About AS “mogo”

AS “mogo” is a part of the international financial technology company Eleving Group (former Mogo Finance). Mogo in Latvia offers leasing, reverse leasing, and car rental services in the most convenient way for customers - online, by phone, and with more than 210 partners. Mogo in Latvia serves more than 9 thousand customers, managing a product portfolio of EUR 37 mln.

About Eleving Group

Eleving Group comprises a number of international and fast-growing financial technology companies with a global presence. The Group operates in the vehicle and consumer finance segments on three continents, providing financial inclusion and disruptively changing financial services industries in its countries of operation. Founded in 2012 in Latvia and expanded across the Baltics within its first year in business, the Group continued expansion in the following years, servicing a total of 13 active markets as of the end of the first half of 2022.

With its headquarters in Latvia, the Group operates in the Baltics, Central, Eastern, and South-Eastern Europe, Caucasus, Central Asia, and Eastern Africa.

Read more: www.eleving.com.

Krišjānis Znotiņš

Mogo AS

Chairman of the management board

Phone: +371 66900904

Email:  krisjanis.znotins@mogo.lv


ENG_Conso Mogo_FS_6M 2022.pdf (1711.71 kB)