70% of merchants start applying for micro-financing, micro-insurance within a yearBeing a subsidiary of a listed company, ie Axiata Group Bhd, means that Boost Holdings Sdn Bhd, which runs four brands, Boost Life, Boost Biz, Boost Credit and Boost Connect, while operating like a startup, has its revenue and customer metrics made public.
Many businesses would love to have such an annual performance. Yet, the financial metrics for Boost’s 1H2022 performance paints a sobering picture of the long path to profitability. Revenue in 1H2022 stood at RM31 million versus RM28 million in the same period in 2021 with the 11.9% increase driven more by Boost Credit, the lending business that used to be called Aspirasi. Despite the revenue uptick it had a negative EBIT for 1H2022 of RM107 million and a negative PATAMI of RM101 million.
Meanwhile GTV for 1H2022 stood at a strong RM2.9 billion or 26.8% increase over the same period in 2021. This was despite headwinds Boost has observed from micro-economic challenges and where some small businesses are struggling to restart their businesses. And then there is the strong competition from the likes of Grab and Touch ‘n Go in the Malaysian market.
To date , we have disbursed about RM1 billion worth of loans in Malaysia, with over 40% of our borrowers having never received credit from other financial service providers before.” Its non-performing loan ratio is below 4% in Malaysia.
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