Amana Financial Services UK Limited, which is a part of the broader Amana Capital group, has published its annual report and financial statements for the year ended December 31, 2020. Though there was a decline in revenue, the number of funded accounts in the period increased drastically.
According to the Companies House filing, the number of funded accounts in 12 months jumped to 412 from only 126 in the previous year. “The increase in the number of accounts funded by the Company’s clients was an outcome of the Covid-19 outbreak, which resulted in significant Volatility across all asset classes in 2020,” the filing noted.
“This higher volatility resulted in increased trading from existing clients and new.”
Additionally, the Forex and CFDs broker opened 129 new accounts in the year, compared to the previous year’s count of 223.
Markets Are Volatile
However, the revenue of the UK broker declined to $645,000. In the previous fiscal year, it came in at $720,000, meaning there was a slump of around 10.4 percent. Moreover, it turned a net loss of $19,799.
“The decrease in net profit for the year occurred mainly as a result of the decrease in revenue… as a result of the amendment in the agency commission which took place from 1st October 2020, for the intermediation services rendered by Amana Financial Services UK to Amana Capital Limited,” the filing added.
But, the administrative cost for the company decreased significantly by more than 13 percent, mostly due to the decreased staff cost. Furthermore, the UK firm strengthened its balance sheet as it ended the year with total assets of $3.95 million.
The UK subsidiary is only a small part of the Amana Capital Group, which has a massive presence around the world. Meanwhile, the group recently named its new CEO, Muhammad Rasoul, who will replace the broker's long-running Chief Executive Officer, Ahmad Khatib.
