NAGA Reports Profitable HY1: EUR 19.5M Revenue & EUR 2.3M EBITDA
• The NAGA Group AG reported a successful first half year with EUR 19.5 million in revenue and EUR 2.3 million in preliminary EBITDA for HY1 2023.
• The company achieved 4.9 million trades and a trading volume of EUR 69 billion in the first semester of 2023, while the number of active traders increased by 22% compared to the same period last year and assets under custody grew by 48%.
• Looking ahead, NAGA plans to expand internationally and further reduce costs to capitalize on its success.
NAGA Reports Profitable First Half Year
The NAGA Group AG (XETRA: N4G, ISIN: DE000A161NR7) is pleased to announce a successful first half year, with revenue of EUR 19.5 million and preliminary EBITDA of EUR 2.3 million for HY1 2023. This marks a significant improvement in performance, with a significant reduction in costs compared to HY1 2022.
Significant Growth Achieved
In the first semester of 2023, NAGA achieved impressive growth with 4.9 million trades and a trading volume of EUR 69 billion . Additionally, the number of active traders has increased by 22% compared to the same period last year, and assets under custody have grown by 48%.
Cost Reduction Strategy Focus
Although NAGA significantly decreased its direct marketing expenditure during HY1 2023, the impact on new clients depositing for the first time was much smaller than expected due to an increase attraction of better-quality depositors; average deposit size from these new clients nearly doubled compared to 2022 numbers.
Global Expansion Plans Ahead
With cost base now under control and positive EBITDA results for HY1 2023, NAGA looks forward to expanding internationally while continuing its strategy towards reducing costs further and improving core KPIs as part of their long-term global market growth plan. Chief Commercial Officer Sam Chaney stated “We are thrilled with our performance and future growth prospects.“
The NAGA Group AG continues to demonstrate strong performance over this past semester despite reduced direct marketing expenditure leading towards improved core KPIs that position it well for continued success in global markets as they look toward international expansion plans ahead