RCS - NAGA Group AG (The) - NAGA reports a profitable first half year

NAGA AGAnnouncement

11/07/2023 15:00

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RNS Number : 6865F  NAGA Group AG (The)  11 July 2023

Corporate | 11 Juli 2023 13:51

 

The NAGA Group
(https://www.eqs-news.com/de/company/the-naga-group-ag/news/5c3da070-ea7c-11e8-902f-2c44fd856d8c)
AG
(https://www.eqs-news.com/de/company/the-naga-group-ag/news/5c3da070-ea7c-11e8-902f-2c44fd856d8c)

The NAGA Group AG: NAGA reports a profitable first half year and a reduction
in cost base. EUR 19.5 million revenue and EUR 2.3 million preliminary EBITDA
for HY1 2023.

 

 

EQS-News: The NAGA Group AG / Key word(s): Half Year Results

The NAGA Group AG: NAGA reports a profitable first half year and a reduction
in cost base. EUR

19.5 million revenue and EUR 2.3 million preliminary EBITDA for HY1 2023.
11.07.2023 / 13:51 CET/CEST

The issuer is solely responsible for the content of this announcement.

 

NAGA reports a profitable first half year and a reduction in cost base. EUR
19.5 million revenue and EUR 2.3 million preliminary EBITDA for HY1 2023.

 

 

 

Hamburg, July 11th, 2023 - The NAGA Group AG (XETRA: N4G, ISIN: DE000A161NR7),
operator of the neo-broker NAGA, the cryptocurrency platform NAGAX and the
neo- banking app NAGA Pay, is publishing its preliminary HY1 2023 figures.

NAGA 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.

 

The company has achieved impressive growth, with 4.9 million trades and a
trading volume of EUR 69 billion in the first semester of 2023. 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%.

 

Looking ahead, NAGA plans to expand internationally, further capitalizing on
its success. As Sam Chaney, Chief Commercial Officer of NAGA, stated, "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."

 

In HY1 2023, although NAGA significantly decreased its direct marketing
expenditure, the impact on the number of new clients depositing for the first
time with NAGA was much smaller, whilst the average deposit size from these
new clients has nearly doubled compared to 2022, indicating an increased
attraction of better-quality depositors.

 

"2023 will be a steppingstone into the future for NAGA. We are extremely
satisfied with the turnaround that occurred during the first half year of
2023 and this is confirmed by the preliminary results of the first six
months of 2023. Our cost base has been significantly optimized leading to a
positive EBITDA compared to last year. Both the teams and management, have and
still are collectively striving with one common goal and that is to make NAGA
profitable. Our costs are very much under control, and we are now running a
much leaner operation. We have reassessed our strategy and have now shifted
our attention to global growth, new acquisitions, and expansion of our license
base which will make NAGA a strong brand and give a solid footprint in new
markets. We are very proud of this joint effort and will overcome any
obstacle that may head our way. Challenges will only make us stronger",
commented the CFO of NAGA, Christos Charalambous.

 

With a solid client base in Europe, NAGA plans to expand their client
footprint globally. NAGA's, neo-brokering solutions provide the perfect tools
for clients of all levels to trade the financial markets.

 

"Expanding our business globally is not just a goal; it's a mindset. We
believe that innovation knows no boundaries, and by embracing diverse markets,
cultures, and perspectives, we can create a truly global ecosystem for our
customers. Together, we will forge new alliances, seize exciting
opportunities, and unlock the immense potential of the digital economy. Let's
redefine the way the world trades and invests, one step at a time.", further
commented the CCO of NAGA.

 

NAGA's newly appointed Group CEO, Michael Milonas, has explained his vision
for NAGA both in terms of brand positioning and growth as well as new
strategic direction in his first letter addressed to the Group's Investors,
which can be found here:

 

https://files.naga.com/Letter-from-our-Group-CEO-EN.pdf?lang=en
(https://files.naga.com/Letter-from-our-Group-CEO-EN.pdf?lang=en) (English
version)

 

https://files.naga.com/Letter-from-our-Group-CEO-DE.pdf?lang=de
(https://files.naga.com/Letter-from-our-Group-CEO-DE.pdf?lang=de) (German
version)

 

 

 

 

 

About NAGA

 

NAGA is an innovative fintech company that seamlessly connects personal
finance transactions and investments through its social proprietary trading
platform. The company's platform offers a range of products from stock
trading, investments and cryptocurrencies to a physical VISA card.
Additionally, the platform allows for exchanges with other traders, provides
relevant information in the feed, and autocopy features for successful
members' trades. NAGA is a synergistic total solution that is easily
accessible and inclusive. It provides an improved foundation to trade, invest,
network, earn and pay. This applies to both fiat and crypto products.

 

11.07.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News
- a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

 

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.

Archive at www.eqs- (http://www.eqs-news.com/) news.com
(http://www.eqs-news.com/)

 

 

Language:
English

 

Company:
The NAGA Group AG

 

Hohe Bleichen 12

 

20354 Hamburg Germany

E-mail:
info@naga.com (mailto:info@naga.com)

 

Internet:
www.naga.com (http://www.naga.com/)

 

ISIN:
DE000A161NR7

 

WKN:
A161NR

 

Indices:
Scale 30

 

Listed:
Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board),
Hamburg, Munich, Stuttgart, Tradegate Exchange

EQS News
ID:
1677333

 

 

 

 

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