Kogan wins jump 277 percent months after founder and chief financial officer spent $ 42 million


August 17, 2018 12:01:17

Online retailer Kogan.com reported that annual earnings have risen by 277 percent, almost quadrupling to $ 14.1 million.

The company said it experienced strong growth in its active customer base, up 45.3% to 1.39 million customers. 19659003] Although the turnover in the past financial year increased by 42 percent to $ 412 million, this was mainly offset by the high selling costs, with a total of $ 331.7 million.

Kogan shareholders receive a final dividend of 6.1 cents per share, fully prepaid. This is an increase of 60 percent compared to the 3.8 cent dividend of last year.

"We are now operating in more industries than ever with a very attractive offering in each sector," said Founder and CEO of Kogan.com, Ruslan Kogan. 19659003] "We continue to invest in our brand to stimulate our growing portfolio of companies and to improve our value proposition."

Despite his optimism about the results of today, Mr. Kogan – together with the financial director of the online retailer David Shafer – sold their interests in the company two months ago.

Mr. Kogan and Mr. Shafer "have reluctantly" sold six million shares in the company (valued at $ 42 million) in mid-June.

The company confirmed in a statement to the ASX that they have sold their bets due to "personal financial obligations" – but that they "still have the vast majority of their personal capital invested in Kogan .com "

This led to Kogan's stock tumbling – from a high of $ 9.80 (early June) to $ 7.26 (mid-June) and a low of $ 4.70 (end of July ).

The share price fell 52 percent in just two months, but has since recovered.

Kogan started out as a small electronics store in 2006, but has grown rapidly since then.

The company bought Dick Smith's online retail business two years ago and expanded to pet insurance in December last year.

Its divisions now include Kogan Retail, Kogan Marketplace, Kogan Mobile, Kogan Internet, Kogan Insurance, Kogan Health and Kogan Travel.

Kogan shares increased 4.9 percent to $ 6.82 at 10:15 am (AEST) [19659019].

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First posted

August 17, 2018 10:56:13

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