Source - Alliance News

Boku Inc on Tuesday said that the company increased revenue and nearly tripled profits in 2023, with help from an up tick in its active customer base.

Boku is a San Francisco-based mobile payment services provider.

In 2023, the company delivered $11.4 million in pretax profit, more than doubled from $4.1 million in 2022.

Revenue was up 30% to USD 82.7 million from $63.8 million in 2022. This included $16.9 million gained from digital wallets and account-to-account payments in 2023, increased from $6.7 million in 2022.

Monthly active users of both services increased by 76% in 2023, to 6.7 million users by December 31 from 3.8 million at the end of 2022.

Boku’s total monthly active users rose 29% to 67.4 million from 52.3 million.

Adjusted earnings before interest, tax, depreciation and amortisation reached $27.8 million, up 27% from $20.2 million a year prior.

Earnings per share were down 65% to 3.39 cents from 9.69 cents.

Boku did not declare any dividends for the year, unchanged from 2022.

Boku’s cash balance increased to $150.9 million as at December from $116.5 million, despite repurchasing £7.9 million worth of its shares over the year as part of its ongoing buyback program.

Chief Executive Officer Stuart Neal said: ‘These results demonstrate that Boku is in strong financial shape and poised to fulfil its potential to grow significantly in the world of local payment Methods, which now represent two thirds of all global online payment volumes. It is testament to our focus on delivering for our customers, combined with a clear long-term strategy, that we are expanding the relationships with all of our key global merchants.’

Shares in Boku were up 4.1% at 177.93 pence each in London on Tuesday morning.

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