For those concerned about NPAT, please see the following...

For those concerned about NPAT, please see the following trajectory and thoughts:

See comparison below for 1H23 v 1H24:
Revenue increased from $333.5 million to $430 million ($96.5 million increase)

Interest expenses increased from $65.4 million to $98.3 million ($32.9 million increase)
Bad debts increased from $86.1 million to $93.5 million ($7.4 million increase)
Bank fees increased from $61.3 million to $62 million ($0.7 million increase)

So effectively, with a $96.5 million increase in revenue, there was an increase of $41 million in associated costs.

So we also need to look at operating costs:
Salary expenses decreased from $83.2 million to $72.5 million ($10.7 million decrease)
Marketing expenses decreased from $25.7 million to $21.2 million ($4.5 million decrease)
IT expenses decreased from $23.5 million to $20.8 million ($2.7 million decrease).
Other expenses increase from $23.7 million to $34.9 million ($11.2 million increase).

So effectively, with a 96.5 million increase in revenue, there was a decrease of $6.7 million in operating costs. Which means they can continue to grow without increasing operating costs significantly (and in fact they probably could reduce operating costs further if they felt it was needed).

As revenue continues to grow there is no doubt that they will be profitable!