Moscow-based online payment systems provider QIWI plc reported a rise in second-quarter earnings on the back of robust revenue growth. The financial report reads that net earnings rocketed 64% to 899 million rubles or 16.87 rubles per share, compared with 546 million rubles or 10.50 rubles per share a year ago. The revenues have grown 35% year-on-year to 2.1 billion rubles. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) surged a whopping 62% totaling 1.28 billion rubles, compared with 796 million rubles a year ago. EBIDTA rate of return was 60.9% versus 51% in 2013. Such remarkable performance enabled the company to upgrade its annual earnings and sales outlook. QIWI analysts expect adjusted earnings to grow by 36-38% in 2014 (27-29% previously). Besides, revenues are to rise by 30-32% (24-26% previously). After assessing the interim financial scores, the QIWI board recommended paying an extra dividend of $0.46 per share to shareholders. Owners of ADR (American depositary receipt) will be paid their dividends later. A short reference: online payment system QIWI services over 15.8 million digital wallets and more than 171,000 payment terminals. QIWI accepts both cash and e-payments totaling 50 billion rubles monthly from over 70 million clients who use the provider’s services at least once a month.
