Prosegur Cash S A : increases net profit by 25.2% to €18 million in the first three moths of 2024
April 26, 2024 at 03:26 pm
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- Prosegur Cash reports extraordinary 25.2% first quarter growth in net profit.
- Sales reached €470 million, with an 11.5% increase in Transformation Products compared to the same period of the previous year, which now represent 31.7% of Prosegur Cash's total sales.
- Prosegur Cash experienced growth of 2.7% on a like-for-like basis, with double-digit organic expansion in all the geographies where it operates: Latin America, Europe and Asia Pacific.
Madrid, 26 April 2024. Prosegur Cash has recorded a net profit of €18 million during the first three months of 2024, 25.2% up on the same period for the previous year, thanks to the reduction in financial costs. Sales reached €470 million, down 1.4%, but up 2.7% on a like-for-like basis (mainly due to the deconsolidation of Australia), affected by the short-term impact of currency fluctuations in Latin America, a region that accounts for 63% of total sales.
The company has enjoyed double-digit organic growth in all geographies where it operates. Prosegur Cash's EBITA in the first three months of the year reached €50 million, with an EBITA margin of 10.7%, affected by restructuring costs in the Australian business and the costs of new openings in Forex and the impact of the devaluation of the Argentine currency.
Transformation Products performed well, with an increase of 11.5%, reaching sales of €149 million. This represents 31.7% of Prosegur Cash's total sales during the first three months of 2024. Specifically, Transformation Products' penetration exceeded 25% in all geographies, demonstrating the performance of the company's main digital transformation solutions: Cash Today, the cash digitization solution; Corban correspondent banking services and Forex.
Activity by geography
In Latin America, sales reached €297 million, down 2.5% year-on-year due to currency fluctuations, although Transformation Products grew by 7.8%, increasing their penetration to more than 33%. In Europe, sales increased by 14.3% to €155 million, representing 33% of Prosegur Cash's total business in the first three months of the year.
The company experienced organic growth of 11.3%, with Transformation Products accounting for 34.1% of total sales. Cash Today and Forex solutions recorded double-digit growth in Europe. Finally, sales in the Asia Pacific region were €18 million, affected by the impact of the deconsolidation in Australia, experiencing organic growth of 12%, with Transformation Products increasing their contribution to 25.6%.
Over the same period, MSCI upgraded Prosegur Cash's ESG rating to BB.
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Prosegur Cash SA, formerly Prosegur Cit Holding SA, is a Spain-based company engaged in the provision of security services. The Companyâs activities are divided into three business areas: Logistics, Cash management and Outsourcing. The Logistics division focuses on the provision of local and international transport services of cash and other valuable goods. The Cash management division offers counting, processing, custody, preparation and delivery of notes and coins, as well as replenishment of automatic teller machines (ATMs). The Outsourcing division includes a number of support financial services, such as automation of retail operations through self-service cash automatization machines (MAEs), ATMs management, as well as branch forecasting, reconciliation, settlement and credit card support services. The Company operates through own branches and joint ventures in Europe, Central and South America, Africa, Asia and Australia. It operates through Contesta Teleservicios SAU.
PROSEGUR CASH, S.A. 
