Naga Posts A Positive Performance For The First Half Of 2023

The NAGA Group AG posted positive results during the first six months of 2023. The revenue posted by the company during the period came in at EUR 19.5 million. On the other hand, the number of active traders on the platform gained by 22% as compared to what was reported last year.

NAGA sees a 22% growth in active traders

Besides the growth in revenue during the period, the EBITDA also came in at EUR 2.3 million. The metrics point towards an improvement in performance, with the costs also posting a significant reduction compared to the same period in 2022.

The revenue growth posted by NAGA was significant, given that the trades posted during the period came in at 4.9 million, with the trading volumes reaching EUR 69 billion. The assets that the platform has in custody also increase by 48%.

The company reported a decline in direct marketing expenditure while also attracting new clients on its platform. The average deposit size that came from new customers was nearly double what was reported in 2022.

The new CEO at the company, Michael Milonas, had, at the end of 2022, published a letter pointing towards the company’s growth in the number of clients. NAGA had over 90,000 new customers on its platforms by the end of last year.

The positive financial results posted by NAGA for the first half of the year appear to have piqued investor interest. The company’s stock on the German stock exchange has increased by over 3% to EUR 1.55.

The Chief Commercial Officer at NAGA, Sam Chaney, noted that the firm was pleased with the performance and the future prospects for growth. Chaney also attributed the positive results to some measures taken by the company. The executive noted that NAGA was focused on expanding its global reach.

“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,” Chaney said.

Despite the gains posted for the first six months of the year, NAGA’s performance for the first quarter of 2023 was not positive. The revenues posted by the company during the quarter came in at EUR 7.9 million, which was a decline of over 30% compared to the previous quarter.

NAGA Group appoints a new CEO

NAGA was established by Ben Bilski, who previously served as the CEO, before announcing a decision to transition from this role recently. Bilski has said that he plans to bolster more innovation at the fintech company and transition it from a platform that solely focuses on product and platform.

Bilski was replaced as CEO by Michael Milonas. Milonas recently published a letter to stakeholders saying amid the stiff competition and a tough regulatory framework, the company’s market share had grown. Milonas has also said that in the years that come, the company will continue focusing on strategic investments.