Amana Financial Services UK, the British subsidiary of Amana Capital, has published its annual report and financial statements for the year ended December 31, 2017. The firm, which is a forex and contract-for-difference (CFD) broker, managed to close the year with a profit.
For the 12 months ended December 31, 2017, Amana UK achieved a net profit of $173,629. This is a significant increase when compared to the same time period last year, which recorded a loss of $35,000.
Revenue for the firm also saw a jump year-on-year of around 18 percent. This is from $1.1 million in 2016 to $1.4 million in 2017. Total assets of the company were also up by 30 percent, coming in at $3.4 million.
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In the second half of 2017, Amana Capital UK launched its MetaTrader 5 platform. However, when looking at the British firm’s operating results, the number of accounts opened during 2017 was actually less than the previous year. In 2016, 3,449 accounts were opened during the fiscal year. In 2017 3,211 accounts were opened – 238 less year-on-year.
The number of active accounts was also down on an annual basis. In 2017 2,192 accounts received funding during the year. This is 239 accounts less than in 2016 which experienced 2,431 accounts funded during its fiscal year.
Amana Capital UK CEO Adam Toro Steps Down
The financial statement follows closely on the heels of the announcement that Adam Toro, the CEO of Amana Capital UK, had stepped down from his position. Finance Magnates reported the news, which broke only yesterday. After we reached out to the broker and Toro, both parties confirmed that his departure was the result of a “mutual amicable agreement.”
Toro, who has served as the CEO for the company since November last year, revealed to Finance Magnates that he is still not sure what his next move will be. However, he wished Amana UK the best in their future endeavors.