Half Yearly Report and Accounts
| Stock | Propell Holdings Ltd (PHL.ASX) |
|---|---|
| Release Time | 17 Feb 2025, 8:20 p.m. |
| Price Sensitive | Yes |
Propell Reports Half-Year Results
- Loan book grew 180% to $6.18M
- Interest income increased over 200% to $1.27M
- Maintained strong lending margins
Propell Holdings Limited, a pioneering digital finance platform in Australia, has reported its financial results for the half-year ended 31 December 2024. The company experienced strong growth in its loan book, which increased by 180% to $6.18 million, resulting in a more than 200% increase in interest income to $1.27 million. Propell maintained strong lending margins during the half-year, with a wholesale borrowing cost of 11.5% per annum and weighted average customer pricing of approximately 2.5% per month. The company's net loss after tax for the half-year was $2.03 million, a 121% increase from the previous corresponding period. Propell's focus on achieving profitability while ensuring a sustainable cost structure led to a 29% reduction in underlying operating expenses (excluding loan impairment and finance costs) to $804,672. The company's net cash generated by operating activities for the half-year was $433,042, a significant improvement on the previous half-year result. Propell's strategic focus remains on becoming the go-to finance solution for small businesses, with a clear pathway to profitability as the company's loan book continues to grow with strong lending margins.
Propell's loan book grew to $6,178,860 as of 31 December 2024, representing an increase of 180% compared to the prior period. The company's interest income increased by more than 200% to $1,276,984 for the half-year ended 31 December 2024.
Propell is focused on obtaining a new and increased wholesale funding facility to serve client demand, boosting lending growth through its established broker referral network, holding the cost base at current levels while scaling the business and customer base, and broadening its suite of lending products to increase product per customer and attract new clients. Achievement of these goals is expected to provide a clear pathway to profitability as the company's loan book continues to grow with strong lending margins.