ASX-listed Beforepay Group posts third consecutive quarterly profit

ASX-listed Beforepay achieved a net profit before tax of $0.3 million and an EBITDA of $1.6 million. This is the company’s third consecutive quarterly unaudited net profit.

In addition to continued net profit, Advances of $172.3 million were up 6% on Q3 FY23 (year-on-year or YoY) while net defaults improved to 1.6%, down from 2.6% in Q3 FY23 despite the increase in advances.

Operating expenses (marketing and overheads) declined 10% YoY and 1% on Q2 FY24 (quarter-on-quarter or QoQ), to $3.7 million.

Beforepay’s balance sheet showed great strength with cash on hand of $18.0 million and an equity position of $30.0 million.

Beforepay CEO, Jamie Twiss said, “I’m pleased to be announcing our third consecutive quarterly profit, driven by strong net transaction margin outcomes, lower default outcomes, and tightly controlled costs. This result demonstrates that we continue to execute on our strategy in helping more customers access safe and affordable financial products as we pursue additional growth opportunities.”