The company saw an increase of 22% in active traders.
Reported trading volume also rose to EUR 69 billion.
The NAGA
Group AG (XETRA: N4G) has reported a successful first half of the year, with
revenue reaching EUR 19.5 million and preliminary EBITDA of EUR 2.3 million.
The figures indicate an improvement in performance and a significant reduction
in costs compared to the same period a year earlier.
NAGA Reports Profitable H1
2023
NAGA's revenue
growth is reflected in its 4.9 million trades and a trading volume of EUR 69
billion in the first half of 2023. The number of active traders increased 22% compared to last year's period, and assets under custody grew 48%.
The company
also decreased its direct marketing expenditure and attracted new clients. The
average deposit size from these new customers nearly doubled compared to 2022. According
to a letter from the company's new CEO, Michael Milonas, by the end of 2022, NAGA
had welcomed more than 90,000 customers on its platforms.
In reaction
to the preliminary financial data, the company's listing rose more than 8% on
the German stock exchange to EUR 1.54. However, the gains have been capped at
5.6% at the time of writing, and the current price is EUR 1.5.
"We are thrilled with our performance and
future growth prospects. Our focus on cost reduction and improved core KPIs has
positioned us well for continued success in the global market," Sam
Chaney, the Chief Commercial Officer of NAGA, commented. As he emphasized, NAGA
aims to expand its reach internationally.
However, it
is essential to look at NAGA's earlier report for Q1 2023. Comparing it with
the results of H1 2023 reveals interesting insights. The company's revenues
amounted to just EUR 7.9 million in the last three months. This is a fall of
more than 30% quarter-on-quarter.
Why Did NAGA Get a New
CEO?
Ben Bilski,
who established NAGA and lately transitioned from his position as the CEO to the
company's CIO, expressed his desire to assist the German fintech firm in "innovating
further and shaping it from a product and platform perspective alongside its
growth path." Bilski announced his new role last
week through a LinkedIn post.
Milonas has
now assumed Bilski's role as the CEO. He released a letter to the company's
stakeholders yesterday (Monday), highlighting that despite "aggressive
competition as well as a tightening regulatory framework," the company has
managed to grow its market share.
Adding to
that, Milonas mentioned that NAGA in 2023 and the years that follow "will
continue to focus on strategic investments to meet the expanding market
opportunity."
The NAGA
Group AG (XETRA: N4G) has reported a successful first half of the year, with
revenue reaching EUR 19.5 million and preliminary EBITDA of EUR 2.3 million.
The figures indicate an improvement in performance and a significant reduction
in costs compared to the same period a year earlier.
NAGA Reports Profitable H1
2023
NAGA's revenue
growth is reflected in its 4.9 million trades and a trading volume of EUR 69
billion in the first half of 2023. The number of active traders increased 22% compared to last year's period, and assets under custody grew 48%.
The company
also decreased its direct marketing expenditure and attracted new clients. The
average deposit size from these new customers nearly doubled compared to 2022. According
to a letter from the company's new CEO, Michael Milonas, by the end of 2022, NAGA
had welcomed more than 90,000 customers on its platforms.
In reaction
to the preliminary financial data, the company's listing rose more than 8% on
the German stock exchange to EUR 1.54. However, the gains have been capped at
5.6% at the time of writing, and the current price is EUR 1.5.
"We are thrilled with our performance and
future growth prospects. Our focus on cost reduction and improved core KPIs has
positioned us well for continued success in the global market," Sam
Chaney, the Chief Commercial Officer of NAGA, commented. As he emphasized, NAGA
aims to expand its reach internationally.
However, it
is essential to look at NAGA's earlier report for Q1 2023. Comparing it with
the results of H1 2023 reveals interesting insights. The company's revenues
amounted to just EUR 7.9 million in the last three months. This is a fall of
more than 30% quarter-on-quarter.
Why Did NAGA Get a New
CEO?
Ben Bilski,
who established NAGA and lately transitioned from his position as the CEO to the
company's CIO, expressed his desire to assist the German fintech firm in "innovating
further and shaping it from a product and platform perspective alongside its
growth path." Bilski announced his new role last
week through a LinkedIn post.
Milonas has
now assumed Bilski's role as the CEO. He released a letter to the company's
stakeholders yesterday (Monday), highlighting that despite "aggressive
competition as well as a tightening regulatory framework," the company has
managed to grow its market share.
Adding to
that, Milonas mentioned that NAGA in 2023 and the years that follow "will
continue to focus on strategic investments to meet the expanding market
opportunity."
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
TradingView Adds Spread Betting to Its Platform via Spreadex Integration
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa