Monex Europe Holdings Reports £9.98M Profit in 2022

<p>Based in
the UK and offering foreign exchange services to commercial and corporate
clients, Monex Europe Holdings Limited saw a substantial increase in its net
trading income for 2022. The company successfully turned its 2021 net loss into
a profit of nearly £10 million.</p><p>Monex Reports Nearly 50%
Surge in Trading Income</p><p>Monex
Europe Holdings Limited reported an increase of 46% in net trading income, growing
from £54.28 million in 2021 to £79.68 million last year. As a result, the gross
profit stood at £76.27 million, with a net profit positioned at approximately
£9.98 million. </p><p>This
represents a huge leap compared to 2021 when the company failed to achieve
profitability, reporting a loss of £3.45 million. Administrative costs were the
main factor contributing to the 2021 loss, which exceeded the net trading
income. Although in 2022, these costs increased 23% to £70 million, they did
not consume all the revenue. </p><p>"2022
proved to be a stronger year in the financial service sector, throughout the
European Union, North America, and Asia, as the sectors showed signs of
recovery from the COVID-19 pandemic and <a href="https://www.financemagnates.com/terms/b/brexit/">Brexit</a>. As a result, the group generated
a profit," the company commented in the filing.</p><p><a href="https://www.financemagnates.com/institutional-forex/monex-europe-sees-2022-revenue-drop-profit-slides-83/" target="_blank" rel="follow">Monex
Europe Limited</a>, a subsidiary of Monex Europe Holdings Limited, was not as
fortunate. Recently spun off to serve clients in Europe, its net trading income
was £23.5 million, a decrease of 10.6% compared to the previous year. The net
profit was £2.6 million, falling by over 60% year-over-year.</p><p>FX Industry Annual Results
Season</p><p>Many
companies operating in the foreign <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> industry have published their financial reports recently. Among them is retail trading solutions
provider NAGA Group. <a href="https://www.financemagnates.com/forex/naga-transforms-42m-loss-into-42m-profit-as-first-time-deposits-soar-by-100/" target="_blank" rel="follow">NAGA's preliminary EBITDA for the first three quarters of
2023 was €4.2 million</a>, starkly contrasting to the €4.2 million loss reported for
the same period last year. The company generated €28.4 million in revenue from
its brokerage business, resulting in an EBITDA ratio of around 15%. </p><p>London and
UAE-based retail broker <a href="https://www.financemagnates.com/forex/fxpro-uk-revenue-rises-by-20-despite-net-loss/" target="_blank" rel="follow">FxPro also published a comprehensive financial report
for 2022</a>, revealing an increase in revenue but a deepening net loss of £614,558. However, the company reported achieving its goals, which included an
increase in notional volume traded and greater retail customer activity.</p><p>Despite
significantly higher revenues, rising operational costs in 2022 led to a
noticeable net loss for operators of other popular brokerage brands, such as XM
and Trading.com. Trading Point of Financial Instruments UK Limited, the <a href="https://www.financemagnates.com/forex/xm-and-tradingcom-operator-reports-109-million-net-loss-in-2022-despite-higher-revenues/" target="_blank" rel="follow">mother
company behind the trading brands, reported a net loss of £1.09 million last
year</a>. </p>

This article was written by Damian Chmiel at www.financemagnates.com.