NAGA Group rebounds to €4.2m profit for first nine months of 2023

<img width="562" height="338" src="https://www.leaprate.com/wp-content/uploads/2021/06/NAGA-Group.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="NAGA Group" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2021/06/NAGA-Group.jpg 880w, https://www.leaprate.com/wp-content/uploads/2021/06/NAGA-Group-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2021/06/NAGA-Group-730×438.jpg 730w, https://www.leaprate.com/wp-content/uploads/2021/06/NAGA-Group-230×138.jpg 230w, https://www.leaprate.com/wp-content/uploads/2021/06/NAGA-Group-380×228.jpg 380w, https://www.leaprate.com/wp-content/uploads/2021/06/NAGA-Group-88×53.jpg 88w, https://www.leaprate.com/wp-content/uploads/2021/06/NAGA-Group-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2021/06/NAGA-Group-500×301.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><p>The German trading and investing group delivered revenue of €28.4m for the three quarters to 30th September. The ample returns helped <a href="https://www.leaprate.com/forex/brokers/naga-group-sees-22-increase-in-active-traders-in-h1-2023/" target="_blank" rel="noopener">NAGA Group </a>back into the black after recording a €4.2m loss for the same period a year ago.</p>
<p>A notable reduction in marketing and operational costs was key to the profit-making in Q1, Q2 and Q3. NAGA Group also took advantage of the growing popularity of social investment and e-payments in new regions. CEO Michael Milonas said the company’s ability to retain customers and lower churn rates improved its operating agility and performance in 2023.</p>
<p>Milonas added:</p>
<blockquote><p>Our focus this year has been to reduce spending and increase efficiency. Spending 80% less and seeing growth across all our core KPIs makes us confident for the upcoming months.</p></blockquote>
<p>Marketing and sales saw significant budget reductions this year; just €4m was spent on these activities compared to the €26m during the first nine months of 2022. NAGA Group could still bring in new customers, as evidenced by its impressive €181 average net acquisition cost. Last year, the figure was considerably higher (€1,269).</p>
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<p>NAGA’s strong financial performance was helped by growth in its core KPIs, including a 2,700 increase in active traders (20,400).  The total traded volume also jumped to €110bn, and its thriving brokerage business helped it to reach 15% EBITDA for the first nine months of this year.</p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/live-market-news/naga-group-rebounds-to-e4-2m-profit-for-first-nine-months-of-2023/">NAGA Group rebounds to €4.2m profit for first nine months of 2023</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>