The German fintech firm Naga has released its consolidated half-year report as of 30 June 2023, highlighting a mixed performance across key metrics compared to the previous year. Sales revenue dropped from EUR 35,018,000 to EUR 25,260,000 in the same period of the previous year.

Of the reported revenue amount, EUR 19,083,000 came from the brokerage business, where 74% (compared to 55% from the previous period) came from Naga Markets, while 26% (compared to 45% from the previous period) came from Naga Global.

A Boost in Crypto Asset Trading

Besides that, EUR 5,501,000 (compared to EUR 1,253,000 from the previous year) in revenue came from trading in crypto assets. According to Naga, the steep decline in trading revenue was mainly due to a change in marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term strategy, whereby it no longer targets an expansion in revenue but focuses on profitability.

Naga’s number of transactions jumped to 4.9 million in the first half of 2023, but the trading volumes were unchanged compared to the previous year, at EUR 69 billion. In the previous year, the figure for real money trades was 4.2 million, and the trading volume was EUR 69 billion.

Despite the decline in output, the multi-asset Multi-Asset Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Read this Term trading platform moved from a loss of EUR 2,742,000 to 3,134,000 in earnings before interest, taxes, depreciation, and amortization. As a result, the company narrowed its losses for the period from EUR 19,055,000 to EUR 1,698,000.

A Decline in EPS

Additionally, the company’s undiluted earnings per share were EUR 0.03, a decline from EUR 0.35 reported in the same period of the previous year. The diluted earnings per share for the period similarly dropped from EUR 0.35 to EUR 0.03.

For the financial period, Naga’s current liabilities included customer deposits worth EUR 11,340,000, an increase compared to EUR 10,361,000 in the previous year. Trade payable was 2,044,000, a drop from EUR 3,241,000. The company said that it will maintain its forecast for 2022, where the Board expects lower revenue compared to the previous year and an increase in positive EBITDA.

Last year, Naga announced that its president, Blen Blinski, had resigned as CEO to assume the role of Chief Information Officer, where he will “take over all our tech-related and innovation matters.” Michael Milonas was named the new CEO.