Retail brokerage MultiBank Group announced its financial results for the first three quarters of 2020. The company recorded solid gains for Q1-Q3 of 2020 as the gross profit jumped to over $94 million, compared to $63 million for the same period a year ago.
The Group marked a substantial 49% year-on-year growth in terms of gross profit for the period of January to September 2020. In terms of turnover, the brokerage reported more than $2 trillion in turnover for Q1-Q3 of 2020, exceeding the annual turnover of $1.9 trillion the company reported in 2019.
Greater China accounted for more than 36% share of the company’s total revenue in FY 2019, but the recent relocation of its headquarters to Hong Kong and the United Arab Emirates saw a diversified revenue share across Asia, Latin America, and the Middle East.
Commenting on the financial performance, Naser Taher, Chairman of MultiBank Group, said: “It has been an incredible year so far and we’re extremely motivated by the results thus far and look forward to finishing 2020 in an exceptionally strong position. The MultiBank Group continues to deliver on its vision to provide our clients with award-winning technologies and services being a fully automated Exchange platform, global brokerage, and highly developed asset management solutions.”
Regional Expansion
Finance Magnates earlier reported about the DFSA license obtained by the MultiBank Group in addition to the opening of LATAM headquarters in Mexico in 2019. The Group mentioned in the recent press release about the substantial contribution of these regions in terms of revenues. The brokerage also termed 2020 as a financial record-breaking year for the company with phenomenal performance across key areas of strategic focus and technological infrastructure. The Group holds seven licenses from regulators in Australia, Germany, Austria, Spain, the Cayman Islands, Dubai, and the British Virgin Islands.
Established in 2005, MultiBank Group now has offices across different cities around the world, with the most recent one in Dubai.
