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Admirals Group AS 2022 Unaudited 6 Months Financial Results

·5-min read

Admiralsresults are exceptional 

Compared to the same period last yearAdmirals has significantly increased its net trading incometrading volumes and net profit in the first half of the yearcontinuinglarge-scale investments in IT and innovation. The company acquired new licenses in South Africa and Canada. These are  eloquent success stories of implementing a strong strategy with a long-term goal of ensuring financial freedom for 10 millionpeople by 2030.

  • Admirals Group AS net income increased by 149 % (43 million euros versus 17.3 million euros in the same period of 2021)

  • Net profit 24.01 million euros (-1.7 million euros in the same period of 2021)

"Despite the great uncertainty in the world economy and political situation, we continued to implement our long-term goals, continuing to unite personal finance and investing for our client. Our first half-year results are exceptional, trading volumes are strong and stable," said the CEO of Admirals Group AS Sergei Bogatenkov.

According to Bogatenkov, Admirals is steadily growing its customer base and introducing a variety of products focused on its strengths by increasing trading and investment opportunities through the app, accelarating people along the path towards financial freedom. "At the same time, we continue to be a reliable and high-quality market leader for experienced participants in the sector. The number of people using the Admirals app continues to grow,” the CEO noted.

In the past six months, the company acquired licenses in South Africa and Canada. "We are strategically increasing our presence in different regions of the world. Canada is the first step for the company's positioning in North America, and Africa, as a fast and developing financial center, is an excellent opportunity to strongly expand our customer base," described the company's CEO.

According to Bogatenkov, the company's team is ready to face the new economic cycle in rapidly changing circumstances: "Admirals has proven that it belongs to the top of the FinTech world. We are the quality leader in our sector and as a global financial center we offer our clients digital tools on their way to financial freedom."

Admirals has just announced the continuation of cooperation with Eesti Kontsert. The company is also the main sponsor of the Estonian football club FCI Levadia, supports the financial literacy of young people through various cooperation and projects, and stands by Ukraine and Ukrainians.

"Our company stands next to organizations and initiatives that create significant value for society. Today, we are also focused on sustainability and applying green thinking both in our core business and as a global team," added the CEO.


Statement of Financial Position

(in thousands of euros)

 

12/31/2021

12/31/2020

6/30/2022

Assets

 

 

 

Cash

6

7

5

Due from credit institutions

54,942

25.373

36.993

Due from investment companies

18,584

20.294

16.243

Financial assets at fair value through profit or loss

5,106

9.501

9.799

Loans and receivables

4,541

3.348

1.279

Inventories

8

106

37

Investments into associates

0

0

1.376

Other assets

3,165

2.373

1.830

Tangible fixed assets

1,977

2.228

1.999

Right-of-use assets

3,349

3.817

4.752

Intangible fixed assets

5,421

4.835

873

Total assets

97,099

71.882

75.186

 

 

 

 

Liabilities

 

 

 

Financial liabilities at fair value through profit or loss

345

637

219

Liabilities and prepayments

6,052

3.291

6.508

Deferred tax liability

31

31

567

Subordinated debt securities

4,471

4.559

1.827

Lease liabilities

3,606

4.056

4.948

Total liabilities

14,505

12.574

14.069

 

 

 

 

Equity

 

 

 

Share capital

250

250

250

Own shares

-105

-105

-114

Statutory reserve capital

25

25

25

Currency translation reserve

257

23

-711

Retained earnings

82,161

59.099

61.657

Total equity attributable to owners of the parent

82,588

59.292

61.107

Non-controlling interest

6

16

10

Total equity

82,594

59.308

61.117

Total liabilities and equity

97,099

71.882

75.186

 

 

 

 

 

 

 

 

Statement of Comprehensive Income

 

 

 

(in thousands of euros)

 

 

2021

6M 2022

6M 2021

Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers

43,899

17,889

37.063

Brokerage and commission fee revenue

1,078

1,228

2.138

Brokerage and commission fee expense

-1,728

-1,538

-2.954

Other trading activity related income

267

80

196

Other trading activity related expense

-523

-403

-732

Net income from trading

42,993

17,256

35.711

Other income similar to interest

57

93

185

Interest income calculated using the effective interest method

98

46

128

Interest expense

-220

-198

-426

Other income

1,239

802

3.428

Other expenses

-73

-122

-164

Net losses on exchange rate changes

346

-229

-301

Net loss at fair value through profit or loss

0

0

-357

Personnel expenses

-6,603

-6,006

-11.499

Operating expenses

-12,378

-12,369

-24.252

Depreciation of tangible and intangible assets

-961

-438

-1.062

Depreciation of right-of-use assets

-466

-486

-973

Profit before income tax

24,032

-1,651

418

Income tax

-19

-87

-269

Profit for the reporting period

24,013

-1,738

149

Other comprehensive income:

 

 

 

Items that subsequently may be reclassified to profit or loss:

 

 

 

Unrealized exchange rate differences

233

408

734

Total other comprehensive income/(loss) for the reporting period

233

408

734

Total comprehensive income for the reporting period

24,246

-1,330

883

Net profit attributable to the owners of the parent

24,023

-1,739

146

Net profit attributable to non-controlling interest

-10

1

3

Profit for the reporting period

24,013

-1,738

149

Total comprehensive income attributable to the owners of the parent

24,256

-1,331

881

Total comprehensive income attributable non-controlling interest

-10

1

3

Comprehensive income for the reporting period

24,246

-1,330

884

The reports of Admirals Group AS are available on the following website: https://admiralmarketsgroup.com/reports-group/

Admirals is a global FinTech and investment firm whose regulated subsidiaries offer smart solutions for multiple financial products. Since the foundation in 2001, Admirals has continuosly expanded its reach, and today it services worldwide through regulated trading companies.

Investment company Admiral Markets AS, established in Estonia, is a branch of Admirals Group AS, which has the right to provide investment services under the operating license of the Estonian Financial Supervision Authority in the European Union and the European Economic Area countries. Admirals cares about the success of their partners, therefore offering numerous tried-and-tested marketing tools, state-of-the-art software, and quality assurance. 

Today, Admirals is located in 18 offices worldwide, making it a truly global organization. 

Additional information: 
Kaia Gil 
Communication manager of Admiral Markets AS
kaia.gil@admiralmarkets.com 
+372 53 413 764


 

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