Teilor Holding posts a consolidated turnover of 412.7 million lei and a net profit of 22.4 million lei in 2023

Teilor Holding SA, a group of companies that includes the luxury jewelry chain TEILOR, the financial lending company Invest Intermed GF IFN, Invest Intermed Gold, a company that sells gold jewelry, and Teilor Invest Exchange, posts, at consolidated level, a turnover of 412.7 million lei, an 11% increase compared to 2022, and EBITDA of 68.3 million lei, up 27%. Net profit amounted to 22.4 million lei, a 108% increase compared to the previous year, while normalized net profit reached 32.4 million lei, +39%.

“The results registered by Teilor Holding companies in 2023 demonstrate the dynamism of our company, able to successfully adapt to market challenges. This validates our business model, built on strong pillars and covering diverse categories of customers, making it less prone to the negative influence of external factors. The performance at the consolidated level was also driven by the ongoing development of our networks, TEILOR and MoneyGold, both in Romania and abroad. 2023 also marked the opening of the first DAAR store, a new jewelry brand using lab-grown diamonds and recycled precious metals, highlighting our commitment to sustainability. In addition, we added a new company to Teilor Holding’s portfolio, Invest Intermed Gold, which sells gold jewelry through the MoneyGold network of stores, enhancing the diversity and quality of products sold in this network. We remain committed to this strategy of expanding and diversifying the services and products we offer, to respond to the needs of our customers, but also to create new trends in the sectors in which we operate,” stated Mircea Varga, Chairman of the Board of Directors at Teilor Holding.

In terms of financial results registered by the entities within Teilor Holding during 2023, the luxury jewelry chain TEILOR posted a turnover from its activity in Romania of 265.6 million lei, a 3% decrease compared to 2022, as a result of the strategic decision to discontinue sales of gold bars, which had a low margin. By implementing strict cost control measures, TEILOR had an EBITDA of 41.2 million lei in 2023, a 15% increase, while net profit rose 9% year-on-year to 17.6 million lei.

At the consolidated level, which includes the performance of TEILOR subsidiaries in Poland, Bulgaria, Hungary, and the Czech Republic, TEILOR’s turnover reached 269.7 million lei, while operating expenses amounted to 253.3 million lei, both figures remaining at similar levels compared to 2022. TEILOR’s consolidated net profit reached 10 million lei, almost double the result for the previous year. At the end of 2023, the TEILOR network totaled 71 physical stores, including 54 stores in Romania (TEILOR and DAAR), 4 stores in Bulgaria, 8 in Poland, 4 in Hungary, 1 store in the Czech Republic, as well as 5 online stores, in each of the markets in which it operates.

The financial lending company Invest Intermed GF IFN recorded a turnover of 118.5 million lei in 2023, a 44% increase compared to 2022, mainly due to investments made in developing the network of agencies using part of the funds obtained from the corporate bond issuance in December 2021. The increase in revenues had a positive impact on EBITDA, which reached 29.1 million lei, a 38% increase compared to the previous year, and on net profit, which amounted to 18.5 million lei, a 32% increase.

Teilor Invest Exchange, a company specializing in foreign exchange and remittance, registered a turnover of 22.1 million lei in 2023, a 9% increase compared to 2022, while net profit reached 3.6 million lei, down 8%. The increase in revenues and operating costs was due to the expansion of the MoneyGold network, serving Invest Intermed, Teilor Invest Exchange and, as of 2023, Invest Intermed Gold.

The fourth subsidiary of Teilor Holding, Invest Intermed Gold, established in May 2023, registered in 2023 a turnover of 3.7 million lei and a net profit of 350 thousand lei.

As of December 31, 2023, there were 109 MoneyGold agencies throughout Romania, following the opening of 19 new agencies in 2023. At the end of 2023, Teilor Invest Exchange was operating in a network of 105 agencies, while Invest Intermed Gold was active through 35 agencies.

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About TEILOR

TEILOR is an international chain of luxury jewelry stores with a 25-year tradition. Present in Romania, Poland, Hungary, Bulgaria, and the Czech Republic, TEILOR has over 70 physical stores and a strong online presence through its eCommerce platforms teilor.com, teilor.ro, teilor.hu, teilor.pl, and teilor.bg. TEILOR’s collections include gold jewelry as well as diamond and precious stone-encrusted jewelry tailored to customer desires.

About Invest Intermed GF IFN

Operating under the MoneyGold brand, Invest Intermed GF IFN provides financing services in a pledged loan system exclusively for individuals.

About Teilor Invest Exchange

Established in 2012 and operating under the MoneyGold brand, Teilor Invest Exchange focuses on currency exchange and money transfer activities. The company operates through a network of agencies totaling over 100 locations across Romania.

About Invest Intermed Gold

Invest Intermed Gold specializes in the sale of gold jewelry through the MoneyGold agency network, operating under the myGold brand.