"The first semester of this year brought sales growth for all Teilor Holding companies, supported by rising demand for the products we offer and an expanding geographic footprint. During this period, we continued to invest in development, with the TEILOR network growing by 6 physical stores and MoneyGold by 17 branches over the past year. However, the volatile economic environment has resulted in a much faster pace of increase in expenses than in revenues, which, out of respect for our customers, we have decided not to transfer to them, in conjunction with the capital invested in particular to launch the DAAR brand and strengthen MoneyGold on the Romanian market. For the coming period, we aim to streamline our networks that have generated below-expected results and focus resources on the business lines where we see the greatest growth potential. To this end, in order to maximize the value of our brands, we are considering attracting funds to facilitate the further expansion of our Teilor Holding networks. In addition, this will enable us to offer the highest quality products and services to a wide range of customers through TEILOR's luxury goods, the sustainable jewelry in the DAAR portfolio and the synergies created within MoneyGold," stated Mircea Varga, Chairman of the Board of Directors at Teilor Holding.
In terms of the financial results registered by the entities within Teilor Holding, in the first half of 2024, the luxury jewelry chain TEILOR posted a turnover from its activity in Romania of RON 127.3 million, up 10% compared to H1 2023. As a result of increasing costs at a faster pace compared to revenues, TEILOR had an EBITDA of RON 15.5 million in the first six months of 2024, down 4%, while net profit fell 65% compared to the same period of 2023 to RON 2.3 million.
At the consolidated level, which also includes the performance of TEILOR subsidiaries in Poland, Bulgaria, Hungary and the Czech Republic, TEILOR's turnover reached RON 136.3 million, a 15% increase compared to H1 2023, with operating expenses amounting to RON 135 million, an 18% growth. TEILOR's net result in the first six months of 2024 was a loss of RON 6.5 million. At the end of the first semester of 2024, TEILOR network totaled 76 physical stores, of which 51 TEILOR stores and 8 DAAR stores in Romania, 17 international TEILOR stores in Bulgaria, Poland, Hungary and the Czech Republic, and 6 online stores in the markets in which it operates.
The financial lending company Invest Intermed GF IFN recorded a turnover of RON 66.7 million in H1 2024, up 23% compared to the first half of last year, mainly due to the investments made in the developing the network of agencies, including with the support of funds raised from the corporate bond issuance in December 2021. EBITDA amounted to RON 15.5 million, a 6% increase, while net profit decreased by 4% compared to H1 2023 to RON 8.8 million.
Teilor Invest Exchange, a company specializing in foreign exchange and remittance, registered a turnover of RON 9.9 million in the first six months of 2024, slightly up compared to the same period last year. Net profit reached RON 676,000, a 59% decrease. The increase in revenues and operating costs was due to the expansion of the MoneyGold network, which serves Invest Intermed, Teilor Invest Exchange and, as of 2023, Invest Intermed Gold.
As regards the fourth subsidiary within Teilor Holding, Invest Intermed Gold, which launched its operations in the second half of 2023, it recorded a turnover of RON 4.5 million lei and a net profit of RON 139,000 in H1 2024.
As of June 30, 2024, there were 114 MoneyGold agencies throughout Romania, following the opening of 7 new agencies in the first six months of this year. At the end of the first six months of 2024, Teilor Invest Exchange was operating in a network of 112 agencies, while Invest Intermed Gold was active in 44 agencies.
