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Correction: Admiral Markets AS 2022 Unaudited 6 Months Financial Results

·4-min read
Admiral Markets AS
Admiral Markets AS

Updated the Statement of Comprehensive Income (added comparison with the first six months of 2021). Added also Admiral Markets AS net trading income comparison with the same period of 2021. 

Admirals' results are exceptional 

Compared to the same period last year, Admirals has significantly increased its net trading income, trading volumes and net profit in the first half of the year, continuing large-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 million people by 2030. The net trading income of Admiral Markets AS, the subsidiary of Admirals Group AS, increased by 254% (32,3 million euros in 2022 first six months versus 9,1 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)

6/30/2022

12/31/2021

Assets

 

 

Due from credit institutions

23.175

4.696

Due from investment companies

17.018

18.292

Financial assets at fair value through profit or loss

6.127

9.998

Loans and receivables

36.488

16.097

Inventories

8

48

Investments into associates

0

0

Other assets

2.266

1.903

Investments into subsidiaries

4.180

4.180

Tangible fixed assets

1.570

1.644

Right-of-use asset

2.906

3.147

Intangible fixed assets

3.127

3.070

Total assets

96.865

63.075

 

 

 

Liabilities

 

 

Financial liabilities at fair value through profit or loss

345

637

Liabilities and prepayments

12.411

1.381

Subordinated debt securities

1.827

1.827

Lease liabilities

3.154

3.375

Total liabilities

17.737

7.220

 

 

 

Equity

 

 

Share capital

2.586

2.586

Statutory reserve capital

259

259

Retained earnings

76.283

53.010

Total equity

79.128

55.855

Total liabilities and equity

96.865

63.075

 

 

 

Statement of Comprehensive Income

 

 

(in thousands of euros)

6M 2022

6M 2021

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

44.608

17.895

Brokerage fee income

0

28

Brokerage and commission fee expense

-12.603

-8.855

Other trading activity related income

252

6

Other trading activity related expense

0

-3

Net income from trading

32.257

9.071

Other income

192

421

Other expense

0

-52

Interest income calculated using the effective interest method

278

106

Other income similar to interest

59

93

Interest expense

-105

-118

Net gains on exchange rate changes

991

413

Net gains at fair value through profit or loss

-437

0

Personnel expenses

-2.575

-2.662

Operating expenses

-6.566

-7.673

Depreciation of tangible and intangible assets

-580

-333

Depreciation of right-of-use assets

-242

-279

Profit before income tax

23.272

-1.013

Income tax

0

-567

Profit for the reporting period

23.272

-1.580

Comprehensive income for the reporting period

23.272

-1.580

Basic and diluted earnings per share

57,6

-3,91


The reports of Admiral Markets AS are available on the following website: https://admiralmarketsgroup.com/en/admiral-markets-as/reports/.

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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