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QIWI announced the sale of its SOVEST consumer lending business to Sovcombank, involving claims worth approximately RUB 9 billion and expected cash consideration between RUB 6 billion and RUB 6.5 billion. This move is aligned with QIWI's strategy to focus on its core payment services. The transaction is anticipated to result in a loss on disposal not exceeding RUB 1.5 billion, though this will not impact Group Adjusted Net Profit. The merger aims to provide SOVEST customers access to Halva's extensive merchant network, enhancing competition in the banking sector.
QIWI reported a 17% increase in total net revenue to RUB 6,260 million ($80.5 million) and a 6% rise in adjusted net profit to RUB 1,754 million ($22.6 million), or RUB 28.12 per diluted share for Q1 2020. The payment services segment contributed a 10% growth in revenue to RUB 5,321 million ($68.5 million). Adjusted EBITDA decreased by 2% to RUB 2,298 million ($29.6 million). The Board approved a dividend of 14 cents per share. QIWI reiterated its 2020 guidance despite challenges posed by COVID-19 and macroeconomic factors.
QIWI plc (NASDAQ: QIWI) will host a conference call on May 20, 2020, at 8:30 a.m. ET to discuss its first quarter 2020 financial results. A press release detailing these results will be issued before market opening that day. The call will be accessible via phone and will also be webcast live on the company's website. QIWI continues to be a leader in payment services across Russia and the CIS, with over 22.5 million virtual wallets and a monthly transaction volume exceeding RUB 124 billion.
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