NAGA Reports 22% Jump in Active Traders in H1 2023

<p>The NAGA
Group AG (XETRA: <a href="https://www.financemagnates.com/tag/naga-group/" target="_blank" rel="follow">N4G</a>) has reported a successful first half of the year, with
revenue reaching EUR 19.5 million and preliminary EBITDA of EUR 2.3 million.
The figures indicate an improvement in performance and a significant reduction
in costs compared to the same period a year earlier.</p><p>NAGA Reports Profitable H1
2023</p><p>NAGA's revenue
growth is reflected in its 4.9 million trades and a trading volume of EUR 69
billion in the first half of 2023. The number of active traders increased 22% compared to last year's period, and assets under custody grew 48%.</p><p>The company
also decreased its direct <a href="https://www.financemagnates.com/terms/m/marketing/">marketing</a> expenditure and attracted new clients. The
average deposit size from these new customers nearly doubled compared to 2022. According
to a letter from <a href="https://www.financemagnates.com/forex/naga-successfully-secures-82m-funding-and-promotes-new-ceo/" target="_blank" rel="follow">the company's new CEO</a>, Michael Milonas, by the end of 2022, NAGA
had welcomed more than 90,000 customers on its platforms.</p><p>In reaction
to the preliminary financial data, the company's listing rose more than 8% on
the German stock exchange to EUR 1.54. However, the gains have been capped at
5.6% at the time of writing, and the current price is EUR 1.5.</p><p> "We are thrilled with our performance and
future growth prospects. Our focus on cost reduction and improved core KPIs has
positioned us well for continued success in the global market," Sam
Chaney, the Chief Commercial Officer of NAGA, commented. As he emphasized, NAGA
aims to expand its reach internationally. </p><p>However, it
is essential to look at NAGA's earlier <a href="https://www.financemagnates.com/forex/nagas-revenue-drops-36-in-q1-2023-despite-growth-in-active-users/" target="_blank" rel="follow">report for Q1 2023</a>. Comparing it with
the results of H1 2023 reveals interesting insights. The company's revenues
amounted to just EUR 7.9 million in the last three months. This is a fall of
more than 30% quarter-on-quarter.</p><p>Why Did NAGA Get a New
CEO?</p><p>Ben Bilski,
who established NAGA and <a href="https://www.financemagnates.com/forex/why-i-gave-up-my-ceo-role-to-become-cio-naga-founder-ben-bilski/" target="_blank" rel="follow">lately transitioned from his position</a> as the CEO to the
company's CIO, expressed his desire to assist the German <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> firm in "innovating
further and shaping it from a product and platform perspective alongside its
growth path." Bilski announced his new role last
week through a LinkedIn post.</p><p>Milonas has
now assumed Bilski's role as the CEO. He released a letter to the company's
stakeholders yesterday (Monday), highlighting that despite "aggressive
competition as well as a tightening regulatory framework," the company has
managed to grow its market share.</p><p>Adding to
that, Milonas mentioned that NAGA in 2023 and the years that follow "will
continue to focus on strategic investments to meet the expanding market
opportunity."</p>

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