Swedish online casino operator Kindred Group has released its unaudited financial results for 2021 showing that its profit after tax had risen by over 78.7% year-on-year to top £295.3 million ($400.7 million).
The Stockholm-listed firm used an official press release to declare that this twelve-month period had represented its ‘strongest year to date despite temporary headwinds’ and came as its aggregated annual revenues experienced a swell of 11.4% to approximately £1.25 billion ($1.69 billion). The company also detailed a 15% boost in its comparable earnings before interest, tax depreciation and amortization to £332.1 million ($450.5 million) to take its associated profit before tax up by 75.2% to £338.4 million ($459 million).
Established in 1997, Kindred Group is responsible for a plethora of mobile-friendly iGaming domains including 32Red.com, Bingo.com and MariaCasino.com and earlier disclosed that its third-quarter net profit had ballooned by 15.4% year-on-year to reach just over £60.6 million ($83.2 million). It explained that this had come courtesy of a 6.3% surge in analogous revenues to £298.4 million ($409.8 million) to produce a 12.8% rise in earnings before interest, tax depreciation and amortization to £84.2 million ($155.6 million).
However, Kindred Group has now revealed that its net profit for the subsequent fourth quarter had slipped by 11.6% year-on-year to £75 million ($101.7 million) as aggregated revenues fell a disappointing 34% to about £244.9 million ($332.5 million). The operator behind the online casinos at OttoKasino.com, VladCasino.ro and CasinoHuone.com moreover divulged that this came courtesy of a 77% decrease in its earnings before interest, tax, depreciation and amortization for the final three months of 2021 to £27.6 million ($37.4 million) as its associated profit before tax sunk by 20.1% to £78.8 million ($106.9 million).
Henrik Tjarnstrom (pictured) serves as the Chief Executive Officer for Kindred Group and he used the press release to herald the annual financial results despite noting that his iGaming enterprise’s free cashflow had now decreased by 13.6% year-on-year to roughly £231.1 million ($313.8 million). The boss noted that the twelve-month period had furthermore seen his firm spend on the order of £66.5 million ($90.3 million) so as to purchase a little over 5.9 million of its own shares and ‘return excess cash to the shareholders in line with the company’s distribution policy’.
Read a statement from Tjarnstrom…
“Closing off 2021, we can look back at a strong year despite a slightly more challenging fourth quarter. Exceptionally strong numbers in 2020 led to tough comparatives for the quarter but despite the low sportsbetting margin at the beginning of the quarter and the fact that we ceased services to Dutch residents, our fourth quarter delivered solid revenues of £244.9 million and underlying earnings before interest, tax, depreciation and amortization of £27.6 million off of a margin of 11%.”