NAGA Group Reports €31.7 Million of Revenue in H1 2024

Retail FX and CFDs broker The NAGA Group AG has published its consolidated financial report for the first half of 2024 (H1 2024). The Consolidated Group achieved revenue growth of 101%, driven primarily by the merger between Key Way Group, owner of CAPEX.com, and Naga, which was completed in August.

Specifically, NAGA reported a consolidated revenue of 31,744,000 EUR, a significant increase compared to the reported 15,763,000 EUR for H1 2023 but a decrease of 12% from the pro forma figure of 35,950,000 EUR for H1 2023. The pro forma figures provide a comparison between 2024 and 2023 as if the two companies had already merged back then.

source: NAGA’s Consolidated Half-Year Report as of June 30, 2024

Direct expenses in H1 2024 were 6,157,000, reduced by 30% compared to the pro forma figure for H1 2023. In addition to the reduction in direct expenses, the Group also achieved an 18% decrease in personnel expenses (5,735,000) and a 23% reduction in other operating expenses (5,848,000) compared to the pro forma figures for H1 2023. These reductions contributed to an 85% increase in EBITDA, which rose to EUR 2,779,000

Look ahead, NAGA said: “As H1 2024 was primarily focused on completing the merger‘s legal and regulatory approvals as well as initiating operational synergies, we are optimistic about achieving our targeted results by the end of 2024. We remain fully committed to delivering on these objectives. While we anticipate that macro-economic conditions may continue to pose challenges to trading activity, we are confident that the synergies from our recent merger will play a crucial role in driving performance. We expect these synergies to have their full effect during the reporting year of 2025, during which time we also foresee an improvement in EBITDA margins.”