Financial expansion driven by corporate forces: CEO Skander Malcolm discusses Q1 and Q2 earnings at OFX

OFX Reports Strong Growth in H1 2024

Australian money transfer provider OFX has announced its financial results for the first half of 2024, revealing a robust performance across various segments.

The company's CEO, Skander Malcolm, discussed the key drivers and challenges faced by OFX during this period. One of the significant revenue drivers for H1 2024 was the growth in corporate transactions, which reached 354,700, a notable increase compared to previous periods.

OFX recorded over 103,000 active consumer clients for the half, and 29,300 active corporate clients. The corporate segment saw a growth of 7.2% in H1 2024, contributing to the overall revenue growth of 3.3% to A$114.6m. This growth was further boosted by a 46% rise in enterprise revenues.

The high-value consumer segment, however, experienced a decline of 7% YoY to A$35.8m in H1 2024. Despite this, the average transaction values (ATVs) for the corporate segment remained high at A$32,400.

OFX's net operating income (NOI) also saw a significant increase, growing 9.4% to a record A$115.1m in H1 2024.

In addition to financial performance, the evolution of OFX's competition was a topic of discussion. The company is focusing on growing its corporate client base and has outlined its future acquisitions strategy, although no specific details about potential acquisitions have been made public.

CEO Malcolm also touched upon the challenges and opportunities that lie ahead for OFX in the second half of 2024. The company aims to continue its growth trajectory while navigating the ever-changing landscape of the financial services industry.