PPF Group posts 10 billion crown profit despite Russia’s economic woes

The PPF Group owned by Czech billionaire Petr Kellner posted a profit of 10 billion crowns last year (the equivalent of around 372 million euros), financial daily Hospadářské noviny reported on Friday. The firm’s profit was 20 percent lower than in 2013.

Photo: Filip Jandourek

According to the daily, PPF benefitted from PPF Bank and Air Bank, while giant consumer loan agency Home Credit or the precious metals mining firm Polymetal finished in the red. Home Credit’s main market is Russia, economically hard-hit by EU and US sanctions following intervention in Ukraine and the annexation of Crimea.

Above all, PPF profited from the sale of its share in Energetickém a průmyslovém holding (EPH) to businessman Daniel Křetinský and individuals connected to J&T. That deal alone was worth 362 million euros. iHned reported. Overall revenues, year-on-year, amounted to a 12 percent increase to seven billion euros. Profits, however, suffered due to Russia’s devaluation of the rubble and continuing crisis, PPF’s financial director, Kateřina Jirásková, told the daily.

Home Credit, a major part of PPF Group saw losses of 60 million euros due to Russia’s financial woes, which were partially offset by a larger market share in Asia, especially China, Vietnam and India. The PPF Group invests in numerous areas, from banking and financial services, to the real estate market and even the field of biotechnology. The group last year was the source of jobs for 12,000 employees in the Czech Republic alone.