The latest consolidated financial report for X-Trade Brokers Dom Maklerski S.A. was just announced for the year ending December 31, 2013. Net income (after income taxes) for 2013 totaled 80.58M PLN (or roughly USD 26.75 million using the exchange rate referenced in the report) and up year-over-year(YoY) from 40.53 PLN for the prior 2o12 period.
The company operates a number of brands including its main XTB forex and CFD brokerage offerings and also holds membership on the Warsaw Stock Exchange (WSE), headquartered in Warsaw and licensed by the Polish Securities and Exchange Commission, as well as supervised by the Polish Supervision Authority.
Gross operating revenues for 2013 totaled 240M PLN, up from 170M PLN YoY, an increase of 41% or 70M PLN during that time. Operating expenses were also higher at PLN 134M for 2013. The group’s assets rose from 515M PLN to 561 PLN, YoY, while liabilities rose to 305M PLN from 245M PLN in 2012.
The company said it has closed its Hungary operation as of December 2013, prior to the end of the reported period, for its 2013 year. Payment of dividends from capital reserves was reported as 63.53M PLN, and over 102M in capital reserves remained as of December 31, 2013.
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In mid-October the company bought 100% of DUB Investments Limited based in Cyprus – owner of the xSocial brand.
The operating revenues for 2013 are in-line with 2011 after a challenging 2012 year, thus the rebound indicates a recovery over last year’s figures. Forex Magnates spoke to Izabela Kozakiewicz last year following the 2012 reported results, she explained regarding that period, “CFD market is a very dynamic one. Each year it is experiencing crucial changes, both from local as well as from global perspective. Those changes take place on many levels such as size and quality of competition, level of legal regulations, traders’ knowledge, market volatility and many others. All of the above mentioned changes influence company’s financial results. Of course the more markets the company is active on the more changes have influence on its performance. As to the main question – income decrease experienced in 2012 had many reasons. On one hand, it was generated due to essential investments and changes made to the company structure, product offer and our trading technology. On the other hand, the result was influenced by the market itself as well as by further external factors. Last but not least, it should be noted that 2011 was an over informative year, so the decrease in profit the year after shouldn’t be a big surprise.”
Other brokers in Poland were not as fortunate with IDM recently laying off over two-thirds of its workforce recently, and Forex Magnates reported shortly thereafter when TMS Brokers acquired IDM’s brokerage clients, following the mass layoff.
Through its brands, X-Trade Brokers Dom Maklerski has built upon its expanded areas of focus, Forex Magnates recently reported on developments in April after the X Open Hub (XOH) division had on-boarded social trading and signal trading service providers, including Tradency, then ZuluTrade, as well as most recently in May when it expanded its IB and Trader Advisor back-office reporting tools to its trading platform.