Boku (AIM: BOKU), a localized payment solutions provider, closed 2023 with a pre-tax profit of $11.4 million, a jump of 178 percent. The after-tax net profit of the company came in at $10.1 million, compared to $4.3 million in the previous year.
The UK-listed company generated a windfall of $24.6 million from discontinued operations; however, that figure was not added to net after-tax profits.
Profit on a Strong Revenue Growth
The latest figures for earnings came after the payments company had already revealed a jump of 30 percent in its revenue to $82.7 million. Its adjusted EBITDA for the year came in at $25.8 million, a year-over-year growth of 33 percent, exceeding market expectations.
“These results demonstrate that Boku is in strong financial shape and poised to fulfill its potential to grow significantly in the world of Local Payment Methods, which now represent two-thirds of all global online payment volumes,” said the Chief Executive of Boku, Stuart Neal.
The company further benefited from the rising interest rates as its interest income increased to $1.9 million from the previous year’s $0.2 million.
Strong Non-Financial KPIs
Apart from the financials, the company's non-financial performance indicators strengthened significantly. The total payment volume at the end of the year reached $10.5 billion, a yearly increase of 18 percent.
The number of monthly active users on the platform jumped to 67.4 million at the end of December, climbing 29 percent. It further revealed that 66.1 million new consumers made their first payment or bundling transaction on the platform last year.
Additionally, it highlighted an improvement of 76 percent in monthly active users of digital wallets and A2A connections to 6.7 million. New users of digital wallets and A2A connections elevated 64 percent to 13.8 million.
“2024 has started strongly, and with deals that are already in place, we have the ability to double the business over the mid-term, as previously stated, with additional value to be created from expansion into new verticals,” Neal added.
