Page 11 - bne_Tech_11_2020

Fintech & E-commerce
November 2020 www.intellinews.com I Page 11
Russian payment system Qiwi ups profit 73% in 3Q20
Russian electronics payment system Qiwi reported 11% year-on-year growth in revenues under IFRS in 3Q20 to RUB6.6bn ($87mn), with adjusted Ebitda and net profit jumping by 60% and 73% y/y, achieving margins of 61% and 49% respectively.
As reported by bne IntelliNews, the newsflow on Qiwi has been mixed. The company has improved
QIWI 3Q20 IFRS Review
its asset mix and posted solid 2Q20 financials, but uncertainty over its shareholder structure remains after a botched SPO attempt, and faces regulatory risks in the betting segment.
"Expectedly solid quarter, especially on the bottom line – thanks to a bounce in betting, cost control, deconsolidation of Sovest and Rocketbank," BCS Global Markets commented on November 19.
Source: Company data, Interfax, BCS GM