The increase in Blubank’s income and expenses shows the significant growth of the users of this digital bank.
According to Iran digital economy annotation, the annual financial performance report of “Blubank” shows that this group had an operating income of 1232 billion tomans last year. The net profit of this digital bank was close to 133 billion tomans.
The audited financial statements of “Saman Processors” company for the fiscal year ending 30th Azar 1402 have been published on Codal. The main activity of this company is the support and development of Blubank Saman software.
According to this report, Blubank achieved an operating income of 1232 billion Tomans in 1402. This figure shows a growth of 5.5 times compared to 1401. The net profit of this digital bank has reached 132.8 billion tomans with a significant increase.
Most of the operating income of this company comes from fees, which for 1402 was reported at around 1198 billion tomans. The growth of Blubank users can be one of the factors influencing the increase of 5.5 times the fee from the operation.
Sales of top-up and packages have also brought in 21 billion Tomans of income and customer discount services have also brought in 12.8 billion Tomans of income for Blubank. A percentage of the purchase of Blubank customers from the stores of the contracting party with this collection is received from the seller and is reported as the income of customer purchase discount services.
Apart from the growth of income from fees, the significant increase in the costs of “printing and magnetic smart card” and “card sending” also, taking into account inflation, shows the significant growth of Bluebank users compared to 1401.
This company has spent nearly 27.8 billion tomans for printing and magnetic smart cards in 1402, which is a 184% growth compared to 1401. Another 12 billion Tomans have been registered as an intangible asset for the cost of the magnetic smart card.
The cost of sending the card is also reported to be 75.4 billion tomans, which is almost 3 times higher than the previous year.
This report shows that since 1400, nearly 477 billion Tomans have been spent on the development of Blubank software; The cost that is identified as an intangible asset of this company and is amortized over three years from the beginning of the financial year 1402.
Salaries, contractor fees, strategy and strategy fees, magnetic smart card fees, software and equipment support are among the fees that are recorded as intangible assets for this company.
In the mentioned fiscal year, Blubank bought 20% of the shares of “Smart Business Facilitation Services” from “Salar Vafaian”; A company that provides the possibility of setting up a specialized website for car showrooms, and car buyers can also buy in installments.
The price of 20% of this company’s shares is set at 232 billion tomans, which means a valuation of 1160 billion tomans to facilitate work. Of course, considering that the purchase of shares is in cash and installments over 5 years, a higher amount will be paid.
Blubank will pay 370 billion Tomans for this amount of shares in 10 installments. Also, he has not gained any influence in the investable company (no board member).
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