Kruk reports EUR 19 mln net profit in 2011, best results ever for debt firm

Polish debt management and collection company Kruk Group, operating in Poland, Romania, and the Czech Republic, reported revenues of some EUR 82 million in 2011, up 67 percent over 2010, according to the company. The group’s operating profit in 2011 was of some EUR 28 million - up 125 percent over the previous year, while its net profit amounted to some EUR 19 million - up 84 percent. The financial and operating results presented by the group were the best since the establishment of the company in 1998, reads a statement of the company. “We closed 2011 with record revenues and an all-time high net profit. Record investments made in 2011 are concreting the way for our results in the coming years,” says Piotr Krupa, Kruk SA CEO. Kruk International, the group’s subsidiary in Romania, contributed to the overall results of the group “and its development over its almost 5 years of activity is noteworthy”, according to the company. “We are one of the top companies on the receivables market in Romania and one of the main players in the debt purchase segment due to the extensive investments we have made last year,” said said Isabela Iacob, KRUK International General Manager. Receivables with a total value of RON 2.3 billion and a total number of 564,000 cases were transferred for collection to Kruk International in 2011. The company had a total of 263 employees last year, which concluded 37,000 new arrangements, almost three times more than in 2010, according to Isabela Iacob. Kruk International was established in 2007 by the Kruk Group in Poland. Irina Popescu, irina.popescu@romania-insider.com (photo source: Kruk)