Teilor Holding posts consolidated revenues of 193.9 million lei in H1 2023
Bucharest, September 30th, 2023 – Teilor Holding S.A., a group of companies that includes the international chain of luxury jewelry stores, TEILOR, the financial lending company Invest Intermed GF IFN, and Teilor Invest Exchange, reports total consolidated revenues of 193.9 million lei in the first six months of 2023, marking over 5% increase versus H1 2022, of which consolidated operating revenues amounted to 182.6 million lei, a 1% increase. The group showcased significant financial strides with a 73% surge in EBITDA to 29.2 million lei and a turnaround to profit, as the holding registered accounting net profit to 8.5 million lei, compared to a net loss of 2.4 million lei from H1 2022. Furthermore, the normalized net profit saw a substantial 262% boost in the first half of 2023, reaching 13.5 million lei.
“After navigating through the challenges of 2022, Teilor Holding has emerged stronger, demonstrating sustained growth in H1 2023, and showcasing our commitment to operational excellence and value creation. Despite the continuous expansion of our group fueled by capital raised from the Bucharest Stock Exchange, every entity within Teilor Holding has recorded net profit in H1 2023, improving key indicators. The diligent optimization of operational expenses, which have decreased to 72.6 million lei at the consolidated level, alongside a return to double-digit EBITDA margin, which increased to 16%, underscore our sustained focus on financial prudence and risk management. Furthermore, the transformation from a net accounting loss of 2.4 million lei in H1 2022 to a net profit of 8.5 million lei in H1 2023 exemplifies our resilience and adaptability in a dynamic market landscape. We are optimistic about the future and remain dedicated to driving shareholder value and fostering sustainable growth,” said Mircea Varga, Chairman of the Board of Directors of Teilor Holding.
Regarding the financial results recorded by the three entities within Teilor Holding in the first six months of 2023, the luxury jewelry chain TEILOR recorded turnover from its activity in Romania of 115.8 million lei, a 14% decrease compared to H1 2022, EBITDA of 16.2 million lei, an increase of 52%, and a net profit of 6.4 million lei, an increase of 233% compared to the previous year. An important aspect that influenced the decrease in revenues in S1 2023 was the decision to stop sales of gold bars in Romania, which are low-margin sales. Nonetheless, TEILOR implemented robust cost control measures across the company, generating the significant profit margin growth needed to support TEILOR’s international expansion.
TEILOR’s consolidated revenues, which on top of Romania, include the performance of TEILOR subsidiaries in Poland, Bulgaria, Hungary, Italy, Germany, and the Czech Republic, amounted to 118.3 million lei in H1 2023, a decrease of 13% led by the decrease in sales in Romania, but compensated by the increase in sales in the new and emerging markets on which the company focuses. In S1 2023, the consolidated net profit of TEILOR recorded was 2.7 million lei, compared to a loss of 4 million lei recorded at the consolidated level in S1 2022.
The financial lending company Invest Intermed GF IFN recorded a turnover of 54.3 million lei in H1 2023, an increase of 52% compared to H1 2022, mainly due to investments made in developing the network of agencies using part of the funds obtained from the corporate bond issuance from December 2021. The revenue growth positively impacted the net profit, which increased at the same rate as the topline – growing 52%, reaching 9.2 million lei in H1 2023.
The third entity within the group, Teilor Invest Exchange, recorded a turnover of 9.8 million lei in H1 2023, a 17% increase compared to H1 2022, and a net profit of 1.7 million lei, a 10% decrease compared to the previous year. The revenue and operating costs growth was due to the expansion of the MoneyGold network, which serves both Invest Intermed and Teilor Invest Exchange. As of June 30th, 2023, there were 97 MoneyGold agencies throughout Romania however, in September 2023, the network overpassed the milestone of 100 units across Romania following the opening of the first MoneyGold location in Brasov.
In May 2023, Teilor Holding S.A. introduced a new subsidiary, Invest Intermed Gold S.R.L. This new entity will sell gold jewelry through the network of MoneyGold agencies operated by Invest Intermed and Teilor Invest Exchange, thus augmenting the product portfolio to satisfy the demand of MoneyGold customers better.
Teilor Holding has two issuances of corporate bonds listed on the AeRO market of the Bucharest Stock Exchange, tradeable under the stock market symbols TEI26 and TEI26E. In Q4 2021, through the issuance of TEI26 in lei and TEI26E in euro, the Holding secured 45 million lei from BVB investors. This capital infusion has been instrumental in supporting the international expansion of TEILOR and the domestic growth of the MoneyGold networks operated by Holding.
***
About TEILOR
TEILOR is an international chain of luxury jewelry stores with 24 years of tradition. Present in Romania, Poland, Hungary, Bulgaria, and the Czech Republic, TEILOR has over 65 brick-and-mortar stores and a robust online presence through its eCommerce platforms teilor.com, teilor.ro, teilor.pl, teilor.hu and teilor.bg. TEILOR’s collections include gold jewelry as well as unique jewelry inlaid with diamonds and precious stores tailored to customers’ desires.
About Invest Intermed GF IFN
Invest Intermed GF IFN, operating under the MoneyGold brand, provides financing services in a pledged loan system, exclusively for individuals.
About Teilor Invest Exchange
Teilor Invest Exchange, which operates under the MoneyGold brand, was founded in 2012, and it is focused on the exchange and money transfer activity. The company’s activity is carried out through a network of agencies totaling over 100 locations across Romania.
*************************************************************************************************
Advertising Packages Nine O’Clock 2023
Do you have an announcement to make about your company: a new product, a partnership, new results, an event, or anything relevant to share with international audiences? We suggest you publish them in the Nine O’Clock newspaper!
Click here:
NINE O’CLOCK – MEDIA KIT 2023 iulie
We have a large number of premium readers consisting of ambassadors, the diplomatic corps, the central administration, bankers, Executive Directors, Owners, Managing partners, Financial directors, foreigners: expats in Romania & foreigners in various other countries and decision makers from Romania. They all share an interest in all things Romania.
The diplomatic daily newspaper Nine O’Clock does not assume responsibility for the information received and published on the public website. The responsibility for the content lies solely with the issuer of the press release.
The diplomatic daily newspaper Nine O’Clock cannot be held accountable for false information transmitted by the recipients of the press releases/announcements.
The diplomatic daily newspaper Nine O’Clock reserves the right not to publish press releases that contain inappropriate expressions or accusations and violations of the rights of other individuals, guaranteed by the Constitution of Romania.
The content of the website www.nineoclock.ro is intended for public information. Copying, reproduction, recompilation, modification, as well as any form of content exploitation from this website are prohibited. The use of the Comments section signifies your agreement to abide by the terms and conditions regarding the publication of comments on www.nineoclock.ro.
