The Czech Republic’s PPF Group has posted a net profit of €140 million for 2022 despite its exit from Russia.
Commenting on its performance last year, PPF Group CEO Jiri Smejc said: “The first-half earnings reflect the significant negative effect of losses associated with our exit from Russia. The full-year profit is the result of our rebound in the second half of the year, which testifies to the great performances of our managers and employees who all deserve recognition and who all have my gratitude. I believe that only time will tell how significant both facts will be for the future of the group”.
In a statement, PPF Group says that in the last 18 months it has focused on seeking strategic acquisitions and building partnerships mainly in Europe. PPF acquired stakes in German television broadcaster ProSiebenSat. 1 Media and in InPost, an e-commerce-based European operator of pick-up and drop-off boxes.
It adds that PPF’s Central European Media Enterprises took over Croatia’s leading television broadcaster RTL Hrvatska, expanding its geographic footprint to six markets.
Through the sale of a 30% stake in CETIN Group, PPF partnered with the Singapore sovereign wealth fund GIC.
