- Online retailer Kogan.com (KGN) has reported an impressive first half of the 2021 financial year
- The company reported gross sales of $638.2 million, up 97.4 per cent on last year, while its revenue also increased by 88.6 per cent to $414 million
- Kogan reached a milestone of three million active customers, a 76.8 per cent increase from this time last year
- The company’s cash at the end of the period was $79 million
- Due to these strong results, dividend payments will be completed to shareholders at 16 cents per share
- Despite the positive news, Kogan is down 7.31 per cent on the market this morning and is trading at $14.46 per share
Kogan.com (KGN) has reported an impressive first half of the 2021 financial year.
After a record-breaking Black Friday trading period, with seven of its 10 biggest trading days occurring within that period, the company reported gross half-year sales of $638.2 million, up 97.4 per cent on last year.
Revenue also increased by 88.6 per cent to $414 million, compared to the previous corresponding period.
Kogan reached a milestone of three million active customers, a 76.8 per cent increase from this time last year.
The online retailer’s gross profit was up 126 per cent to $112 million, compared to this the same period last year, while its profit before tax was up 174 per cent to over $35 million.
During the half, the company continued to expand its Kogan Marketplace, which allows third-party suppliers to sell their goods and services on Kogan’s website.
The marketplace achieved $13.2 million in seller fees, a 141 per cent growth on the previous corresponding period.
During the period, Kogan purchased New Zealand-based online retailer Mighty Ape for $122 million.
Cash at the end of the period was $79 million, with $1.4 million of the group’s debt facility drawn within Mighty Ape.
Due to these strong results, dividend payments will be completed to shareholders at 16 cents per share.
“We launched Kogan.com to change the retail industry nearly 15 years ago, and we would’ve been cheering if we helped 3000 customers that year,” CEO Ruslan Kogan said.
“So even though well over three million customers used Kogan.com in the last 12 months, we feel like we’re just getting started. We’re not just focused on today, or tomorrow, but how we’ll continue to delight all our customers on our 30th birthday,” he added.
Over the next year, Kogan is planning to expand its exclusive brands, enhancing and developing Kogan Marketplace, complete the Mighty Ape team integration and grow its active customer base.
Notably, Kogan has also given a glimpse of its unaudited management accounts for January 2021.
The company is expecting its gross sales to increase 45 per cent year on year and its gross profit to jump more than 102 per cent.
Despite the positive news, Kogan is down 7.31 per cent on the market this morning and is trading at $14.46 per share at 10:16 am AEDT.