Polish Development Fund Group posts PLN 776 mln net profit in 2024, up 133 pct y/y
The PFR Group posted a net profit of PLN 776 million (EUR 182.6 mln) in 2024, a year-on-year increase of PLN 442.7 million (EUR 104.2 mln) or 133 percent, Poland's development fund PFR said in its annual report. This was mainly due to PFR's receipt of dividends from listed lender Bank Pekao in the amount of PLN 645 million (EUR 151.8 mln).
In 2023, Pekao allotted to its shareholder a dividend of PLN 182.1 million (EUR 42.85 mln).
As of December 31, 2024, the PFR Group's total assets amounted to PLN 77.9 billion (EUR 18.33 bln), down by PLN 14.7 billion (EUR 3.46 bln) or 16 percent from the previous year's result of PLN 92.6 billion (EUR 21.8 bln).
The decrease in total assets in 2024 was mainly due to a lower level of cash relating to the Financial Shield programme, which was related to the group's redemption of PFR0324 bonds with a nominal value of PLN 16.3 billion (EUR 3.84 bln) in March last year.
The next redemption of bonds issued to service the Financial Shield programme is due in March (PLN 18.5 billion or EUR 4.35 bln) and September 2025 (PLN 15.2 billion or EUR 3.58 bln). Accordingly, this liability has been presented in current liabilities.
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