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Kamux Corporation’s Half Year Financial Report for January 1-June 30, 2023: Revenue increased and adjusted operating profit at previous year’s level




Kamux Corporation, Half Year Financial Report, 11.8.2023 at 9:00

HÄMEENLINNA, Finland, Aug. 11, 2023 /PRNewswire/ — Kamux Corporation’s Half Year Financial Report for January 1–June 30, 2023: Revenue increased and adjusted operating profit at previous year’s level

This is a summary of Kamux Corporation’s Half Year Financial Report for January 1–June 30, 2023. The complete report is attached to this release and is also available at the company website at

The figures in parentheses refer to the comparison period, i.e., the same period in the previous year, unless stated otherwise.

April–June in brief

  • Revenue increased by 3.3%, totaling EUR 255.0 million (246.8)
  • Gross profit increased by 7.5% to EUR 26.3 million (24.5), or 10.3% (9.9) of revenue
  • Adjusted operating profit (EBIT) was at previous year’s level and was EUR 4.5 million (4.5), or 1.8% (1.8) of revenue
  • Operating profit (EBIT) decreased by -14.3% to EUR 3.9 million (4.5), or 1.5% (1.8) of revenue
  • The number of cars sold increased by 9.7% to 17,215 cars (15,688)
  • Like-for-like showroom revenue growth was 2.9% (5.5)
  • Basic and diluted earnings per share were EUR 0.06 (0.07)
  • As announced earlier, Tapio Pajuharju assumed his role as CEO of Kamux on June 1, 2023. Kamux’s founder and previous CEO Juha Kalliokoski continues as a member of the Company’s Board of Directors.

January–June in brief

  • Revenue decreased by -1.2%, totaling EUR 478.1 million (484.1)
  • Gross profit decreased by -3.4% to EUR 47.0 million (48.7), or 9.8% (10.1) of revenue
  • Adjusted operating profit (EBIT) decreased by -47.2% to EUR 5.4 million (10.2), or 1.1% (2.1) of revenue
  • Operating profit (EBIT) decreased by -56.0% to EUR 4.5 million (10.2), or 0.9% (2.1) of revenue
  • The number of cars sold increased by 4.0% to 32,539 cars (31,289)
  • Like-for-like showroom revenue decreased -2.4% (7.0)
  • Basic and diluted earnings per share were EUR 0.06 (0.18)

Key Figures

EUR million



Change, %



Change, %





3.3 %



-1.2 %


Gross profit



7.5 %



-3.4 %


as percentage of revenue, %

10.3 %

9.9 %

9.8 %

10.1 %

9.7 %

Operating profit (EBIT)



-14.3 %



-56.0 %


as percentage of revenue, %

1.5 %

1.8 %

0.9 %

2.1 %

1.8 %

Adjusted operating profit*



1.2 %



-47.2 %


as percentage of revenue, %

1.8 %

1.8 %

1.1 %

2.1 %

1.8 %

Revenue from integrated services



-2.9 %



-2.7 %


as percentage of revenue, %

4.9 %

5.2 %

5.0 %

5.1 %

5.5 %

Number of cars sold



9.7 %



4.0 %


Gross profit per sold car, EUR



-2.0 %



-7.2 %


Sales growth of like-for-like showrooms, %

2.9 %

5.5 %

-2.4 %

7.0 %

0.6 %

Net debt



-7.3 %





-6.9 %


Inventory turnover, days



4.8 %


Capital expenditures



-6.0 %



-52.7 %


Average number of employees during the period



-1.5 %


Return on equity (ROE), %

5.9 %

22.2 %

10.1 %

Return on investment (ROI), %

4.1 %

12.6 %

7.2 %

Equity ratio, %

46.5 %

44.5 %

53.2 %

Earnings per share, basic and diluted, EUR



-15.9 %



-65.6 %


*) Operating profit adjusted for special items related to strategic planning, legal processes, taxes from previous financial years, own real estate operations and other items, totaling EUR 0.6 million for the second quarter of 2023 and totaling EUR 0.9 million for 1−6/2023 (4−6/2022: EUR -0.1 million, 1−6/2022: EUR -0,1 million and 1−12/2022: EUR 0.4 million).


CEO Tapio Pajuharju:

“The used car market developed favorably in the second quarter of 2023 in all of Kamux’s operating countries, although the volumes were still significantly lower than in 2021, which was a good year. In Germany, there were large regional differences in market development, and in Schleswig-Holstein in northern Germany, which is important to Kamux, development was unfavorable. In line with the positive momentum in the market, the number of cars sold by Kamux increased by almost 10 percent in the second quarter, although in Sweden we fell short of the previous year’s figures mainly due to challenges in availability of cars, caused by the weak Swedish krona. With the increase in the number of cars sold, the Group’s revenue grew by 3.3 percent to EUR 255.0 million, although the fees and commissions received from financing partners were lower than in the previous year.

Gross margin developed favorably in Finland and Sweden. I’m very pleased to note that the measures taken to improve profitability in Sweden have started to bring some initial results. In Germany, the gross margin weakened due to measures taken to clean up the inventory. Q2 adjusted operating profit was at the previous year’s level at EUR 4.5 million, but the reported operating profit decreased due to one-off items at the Group level. The operating profit was also challenged by costs related to the opening of the Düren showroom and marketing activities taken to build awareness of Kamux in Germany. In addition, operating profit was negatively affected by increased costs resulting from the capacity increase in Sweden in 2022 and costs increasing faster than revenue in Finland.

With the exception of Sweden, the used car purchasing market normalized during the reporting period. In Sweden, the purchasing market was difficult, as a large part of the used cars released on the market were sold outside of Sweden as a result of the weak Swedish krona.

The electrification of the car fleet continues, and although the vast majority of used cars sold are still combustion engine-powered, an increasing number of used cars sold in Finland and Sweden are EVs or plug-in hybrids. The number of plug-in hybrids and EVs sold by Kamux increased by 62% compared to the second quarter of 2022.

I have now been hands on at Kamux’s steering wheel approximately two months, and I would like to warmly thank the whole Kamux team for their solid contribution to the company as well as all of our customers and especially for the warm welcome I have experienced. I will continue to onboard the company and the business. During the rest of the year, we will also focus on the Company’s strategy. At this point, it has become rather clear that, as in a good preowned car that has already some mileage on it, it is also time to perform maintenance as well as upgrades at Kamux, e.g. to further enhance customer attention and service across all channels as well as to further increase productivity. These measures will improve Kamux’s competitiveness and enhance profitability.”

Outlook for the year 2023 (unchanged)

In 2023, Kamux expects its adjusted operating profit to grow from the year 2022, when the adjusted operating profit was EUR 17.5 million.

Financial targets for 2021–2023

The Company’s medium-term financial targets are to increase revenue by over 20% annually, to increase adjusted operating profit annually, and to reach an adjusted operating profit margin of over 3.5% and a return on equity (ROE) of over 25%. Additionally, the Company’s target is to distribute dividends of at least 25% of net profits. The Board of Directors of the Company estimates annually the balance between dividends to be distributed and funds to be used for Kamux’s growth, and based on this assessment, makes a proposal on the amount of dividend to be distributed, which may for any single year differ significantly from the target level set in the dividend policy.

Kamux will update its strategy and financial targets at the beginning of 2024.

Significant events after the reporting period

On August 2, 2023, Kamux announced that Kerim Nielsen, Country Director for Sweden and member of the Group Management Team, has decided to pursue a career opportunity outside of Kamux Corporation in early 2024. He will continue in his current position at least until December 31, 2023.

Publication schedule for financial reporting in 2023

Publication schedule for Kamux Corporation’s financial reporting in 2023 is as follows:

  • Interim Report for January–September 2023                  November 10, 2023

News conference

News conference for investors, analysts and media will be held today on Friday, August 11, 2023, at Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2, Helsinki at 11:00 EET in English. CEO Tapio Pajuharju and CFO Marko Lehtonen will present the Half Year Report.

The conference can be followed as a live webcast at 

Participation by conference call:

You can access the teleconference by registering on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference. 

The conference in English will start at 11.00 EET. If you wish to ask a question, please dial *5 on your telephone keypad to enter the queue.

For further information, please contact:
CEO Tapio Pajuharju, tel. +358 50 577 4200
CFO Marko Lehtonen, tel. +358 50 575 2006
Head of Communications & IR Katariina Hietaranta, tel. +358 50 557 6765
Kamux Corporation

Kamux is a retail chain specializing in the sale of used cars and related integrated services that has grown rapidly. Kamux combines online shopping with an extensive showroom network to provide its customers with a great service experience anytime, anywhere. In addition to digital channels, the company has a total of 77 car showrooms in Finland, Sweden and Germany. Since its founding, the company has sold over 450,000 used cars, 62,922 of which were sold in 2022. Kamux’s revenue in 2022 was EUR 968.7 million and its average number of employees was 883 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit 

The following files are available for download:

Kamux Corporation_Half Year Financial Report 2023


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Blockchain Press Releases

Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications



NEW YORK, Sept. 29, 2023 /PRNewswire/ — Today, Webb announced the launch of its much-anticipated Tangle Network Testnet, setting the stage for a new era of private and decentralized applications.

About Webb

Led by founder Drew Stone, Webb is the premier cross-chain zero-knowledge messaging layer, committed to revolutionizing blockchain privacy. Backed by industry giants like Polychain, Lemniscap, and Commonwealth Labs, Webb introduces a suite of tools aimed at advancing zero-knowledge (ZK) and multi-party computation (MPC) applications across multiple blockchains.

The Challenge and Our Solution

Blockchain networks today face significant hurdles: limited interoperability, scaling difficulties, centralized control, and privacy concerns. Webb’s Tangle Network, built on the powerful Substrate framework, is designed to tackle these challenges by offering a next-generation blockchain platform.

Why Tangle Network?

Our vision is to make it easier for developers to create secure, private zero-knowledge (ZK) and multi-party computation (MPC)-based decentralized applications. Tangle Network simplifies:

  • Proof Generation: Delegate computational tasks to our validators.
  • Trusted Setups: Tangle Network manages complex ceremonies for you.
  • Secure Signing: Utilize our threshold signing for cross-chain operations.

By removing these barriers, we massively improve the time to launch for ZK and MPC-based decentralized applications.

Noteworthy Features

  • Unparalleled speed, security, and scalability via Substrate.
  • Decentralized control through Distributed Key Generation (DKG).
  • Advanced protocols for zero-knowledge applications.
  • Cross-chain compatibility with IBC and XCM.
  • Easy migration of existing apps through Ethereum Virtual Machine (EVM) support.
  • Smooth, forkless upgrades.

What’s Next?

The Testnet launch kicks off with an in-depth whitepaper, followed by a series of engagement events during the testnet phase. Our mainnet is scheduled for a Q1/Q2 2024 launch, featuring hackathons, workshops, and a targeted grant program to accelerate the adoption of privacy-focused applications.

Testnet Quick Links

Get Involved

  • Developers: Start building on Tangle today. Learn More
  • Validators and Relayers: Help secure and maintain the network. Learn More
  • Join the Community: Follow us on Twitter or join our Discord.

Contact Us
For media inquiries, partnerships, or more information, email us at [email protected] 

Visit our website

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Blockchain Press Releases

ChainUp Celebrates 6th Anniversary, Charting Blockchain Innovations beyond Digital Assets



SINGAPORE, Sept. 29, 2023 /PRNewswire/ — ChainUp, a Singapore-based trailblazer and global leader in the blockchain industry, marked its sixth anniversary celebration with more than 500 business partners at Ce La Vi Singapore. During the celebration, ChainUp Founder and CEO, Sailor Zhong reflected on the journey, “Six years in the blockchain industry showcases our resilience, innovation, and forward-looking approach. As we look to the future, we are committed to shaping a digital asset environment that is reliable, transparent, and unparalleled. ChainUp aims to champion blockchain solutions beyond the applications of digital assets and bridge the gap between digital asset markets and traditional finance (TradFi) to increase effectiveness and market efficiency.”

The DEX Renaissance
As decentralized finance (DeFi) comes into prominence and focused on returning control to users, one of the sectors impacted by DeFi are the exchanges where cryptocurrencies are traded. Data from CoinMarketCap reveals that trading volumes on Decentralized exchanges (DEX) reached $1.2 trillion in 2022, indicating a 340% YoY growth. However, factors such as poor user experience impeded the rate of adoption of DEX. Recognizing this trend, ChainUp has updated its white-labeled DEX solution, incorporating advanced features, strengthening its security, improving its liquidity and aims to provide a decentralized trading experience that is on par with commonly-used centralized exchanges (CEX).

Bridging TradFi and Digital Assets Market
The traditional financial sector has been progressing very cautiously on digital assets. As more institutions lean into RWA tokenization, they unlock unparalleled liquidity in a borderless trading environment. Amidst this evolution, ChainUp’s RWA solutions emerge as an industry pioneer, offering robust tokenization protocols, seamless integration, and enhanced security, bridging the gap between TradFi and the digital future with unmatched finesse.

Minimizing Risk and Maximizing Security
ChainUp’s MPC Wallet revolutionizes crypto security by integrating MPC technology with advanced hardware isolation, ensuring utmost safety and encryption on data. The wallet offers dynamic key-refreshing mechanisms, chain-agnostic compatibility, and eliminates single-point vulnerabilities. With efficient multi-address management and 24/7 expert support, users enjoy full asset control, scalability, and cost-efficiency, all under one roof.

Compliance: The Guiding Principle
Navigating global regulations in the blockchain sector can be complex. ChainUp’s KYT subsidiary, Trustformer, offers peace of mind for enterprises tackling compliance-related challenges.  ChainUp’s advanced solutions in Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) show their commitment to a more secure blockchain environment.

For detailed insights into ChainUp’s innovative solutions, please visit:

About ChainUp
Headquartered in Singapore, ChainUp is a global leading end-to-end blockchain technology solutions provider covering infrastructure development and ecosystem support. Built on the mission to empower businesses through blockchain technology, ChainUp’s innovative and all-around compliant solutions include digital asset exchange, KYT, NFT trading, wallet, liquidity, Web3.0 infrastructure, digital asset custody, security token offerings and more. Established in 2017, ChainUp has offices around the world, serving more than 1,000 clients in 30 countries, reaching over 60 million end-users.

CONTACT: Jacelynn Pang, [email protected] 

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Blockchain Press Releases

BingX Collaborates with WunderTrading to Elevate Crypto Automated Trading



SINGAPORE, Sept. 27, 2023 /PRNewswire/ — BingX, a leading global cryptocurrency exchange, is thrilled to announce its integration with WunderTrading, a cutting-edge platform that allows users to trade and invest crypto seamlessly using automated trading bots. This strategic partnership is aimed at enhancing the automated trading experience for BingX users and introducing a new level of convenience and innovation.

WunderTrading is a cloud-based cryptocurrency trading platform that simplifies cryptocurrency trading experience for beginners. Users can easily copy strategies of renowned traders or create their own. The platform offers an advanced trading terminal and automated bots integrated with TradingView, allowing users to manage portfolios efficiently within a single app. WunderTrading stands out by consolidating trading tools, enhancing user experience, and introducing unique features like the Spread-trading Terminal.

The integration of BingX and WunderTrading offers BingX users a significant advantage. With access to TradingView integration and the innovative Spread-trading Terminal, users can automate their trading strategies and diversify their portfolios with minimal risk. The Spread-trading terminal enables BingX users to choose assets for constructing a spread and will execute buy and sell orders simultaneously for the selected pairs. This integration empowers BingX users to create and fine-tune crypto trading bots swiftly, providing a unique opportunity to optimize their trading while minimizing market volatility risks.

Megan Nyvold, Head of Branding at BingX, expressed her excitement about the collaboration, saying, “BingX is always striving to offer our users the most innovative and user-friendly tools to navigate the crypto market with efficiency and greater ease. Our partnership with WunderTrading is a significant step forward. With this integration, we empower our users to trade smarter, diversify their portfolios, and navigate the crypto market with newfound confidence. We’re excited to see our users leverage the power of automated trading through WunderTrading and make the most of this enhanced trading experience.”

As BingX and WunderTrading join forces, users can look forward to an enhanced trading journey filled with innovative tools and features designed to optimize their trading strategies.

About BingX

BingX is a leading crypto exchange that offers spot, derivatives, copy, and grid trading services to over 100 countries and regions worldwide with over 5 million users. BingX continues to connect users with expert traders and the platform in a safe and innovative way. Please visit to learn about BingX.

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