DF Deutsche Forfait AG Reports Mixed Financial Results for 2023 Amid Market Challenges

DF Deutsche Forfait AG (DF AG) has announced its preliminary unaudited financial results for 2023, revealing a year of resilience in a challenging market. The firm reported an increase in business volume from EUR 145.8 million to EUR 182.1 million, attributed to growth in product marketing services and entry into trading business. However, the company faced difficulties, including a gross profit decrease to EUR 8.4 million from the previous year's EUR 10.6 million, affected by market uncertainties and a special audit of a former correspondent bank.

Earnings before taxes fell to EUR 3.5 million, below the anticipated EUR 4.7 million, largely due to increased legal fees and operating expenses. DF AG's net profit also declined to EUR 1.7 million, or EUR 0.14 per share, from EUR 5.4 million in the previous year. This drop was partly due to the need to account for deferred taxes following market instability.

The company finished the year with EUR 41.9 million in cash and cash equivalents. CEO Dr. Behrooz Abdolvand cited external pressures, notably BaFin's special audit, as significant factors affecting 2023's performance. Despite these challenges, DF AG continues to focus on its trade finance expertise in regions like the Middle East and Eastern Europe.