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Correction: Admirals Group AS 2022 Unaudited 6 Months Financial Results

·5-min read

Updated information: In the Statement of Comprehensive Income added comparison of the first six months of 2022 to the the first six months of 2021.

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 yearcontinuing 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.

  • 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)

   6/30/2022

  12/31/2021

Assets

 

 

Cash

6

7

Due from credit institutions

54,942

25,373

Due from investment companies

18,584

20,294

Financial assets at fair value through profit or loss

5,106

9,501

Loans and receivables

4,541

3,348

Inventories

8

106

Investments into associates

0

0

Other assets

3,165

2,373

Tangible fixed assets

1,977

2,228

Right-of-use assets

3,349

3,817

Intangible fixed assets

5,421

4,835

Total assets

97,099

71,882

 

 

 

Liabilities

 

 

Financial liabilities at fair value through profit or loss

345

637

Liabilities and prepayments

6,052

3,291

Deferred tax liability

31

31

Subordinated debt securities

4,471

4,559

Lease liabilities

3,606

4,056

Total liabilities

14,505

12,574

 

 

 

Equity

 

 

Share capital

250

250

Own shares

-105

-105

Statutory reserve capital

25

25

Currency translation reserve

257

23

Retained earnings

82,161

59,099

Total equity attributable to owners of the parent

82,588

59,292

Non-controlling interest

6

16

Total equity

82,594

59,308

Total liabilities and equity

97,099

71,882

 

 

 

 

 

 

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

43,899

17,889

Brokerage and commission fee revenue

1,078

1,228

Brokerage and commission fee expense

-1,728

-1,538

Other trading activity related income

267

80

Other trading activity related expense

-523

-403

Net income from trading

42,993

17,256

Other income similar to interest

57

93

Interest income calculated using the effective interest method

98

46

Interest expense

-220

-198

Other income

1,239

802

Other expenses

-73

-122

Net losses on exchange rate changes

346

-229

Net loss at fair value through profit or loss

0

0

Personnel expenses

-6,603

-6,006

Operating expenses

-12,378

-12,369

Depreciation of tangible and intangible assets

-961

-438

Depreciation of right-of-use assets

-466

-486

Profit before income tax

24,032

-1,651

Income tax

-19

-87

Profit for the reporting period

24,013

-1,738

Other comprehensive income:

 

 

Items that subsequently may be reclassified to profit or loss:

 

Unrealized exchange rate differences

233

408

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

233

408

Total comprehensive income for the reporting period

24,246

-1,330

Net profit attributable to the owners of the parent

24,023

-1,739

Net profit attributable to non-controlling interest

-10

1

Profit for the reporting period

24,013

-1,738

Total comprehensive income attributable to the owners of the parent

24,256

-1,331

Total comprehensive income attributable non-controlling interest

-10

1

Comprehensive income for the reporting period

24,246

-1,330

 

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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