Correction: Release text added in English
In 2020, Admiral Markets AS set a profit record of operation
2020 marked Admiral Markets AS' most successful year. The company's net profit
was 20.3 million euros, which is 340% more than the year before. The volume of
transactions increased by 110% during the year.
Admiral Markets AS' net income increased to 47.1 million euros in the past year.
In 2019, this figure was 23.2 million euros. The net profit margin in 2020 was
43% (2019: 20%). In 2020, Admiral Markets AS' customers collectively made 66.9
million transactions, compared to the previous year, when the corresponding
figure was 31.8 million.
Sergei Bogatenkov, Chairman of the Management Board of Admiral Markets AS,
stated that last year's record results brought the company significantly closer
to the goal set for 2030 - to offer financial freedom to 10 million customers.
"Of course, we are very happy with the business results, but having been able to
achieve these results while providing a stable and safe working environment for
employees all around the world has been our greatest achievement at a time when
we are witnessing the biggest health crisis in history," said Bogatenkov.
"One of the biggest achievements was the launch of our new native trading
application, which makes mobile trading and investing easier than ever before.
It is a solution that makes it convenient for a novice trader with no previous
experience in the sector to access the financial markets. In this way, we can
expand our customer base by offering our customers the best localised trading
and investment experience," explained the Chairman of the Management Board of
Admiral Markets AS. According to him, the company is actively involved in
increasing registrations on the company's platform, which will bring the company
closer to its long-term desired results.
According to him, the trading application is just one example of how the company
is strategically expanding its core services: "20 years ago, when we started our
business, we were solely a Forex and CFD- based company and we wanted to become
one of the leaders in this field. Today, the goals set at that time have been
met and. We are expanding our global presence with new services. We are an
international financial center disrupting the FinTech world. "
Bogatenkov emphasized the growing need for raising environmental awareness. "As
a global company with offices in 19 countries around the world, sustainable
choices can reduce the footprint we leave behind. It is also important to give
back to society and help those who need support in times of change," the
chairman of the management board explained.
As culture & the arts is an area that was strongly affected by last year,
Admiral Markets AS has joined forces with Eesti Kontsert: "Music unites cultures
and people. The present conditions have presented grave challenges to mental
health and wellbeing of many. Forced absence from colleagues, friends and loved
ones affects us all. I believe that music has the ability to comfort and bring
change to everyday life."
On March 5th, the company announced its rebranding to Admirals as it starts a
new chapter. According to Sergei Bogatenkov, the previously set goals have now
been achieved. "The rebranding is a natural step to reflect where we are as a
business. "We set out to offer integrated solutions for investing, spending, and
managing money. We are in the midst of a remarkable expansion. Trading will
always be an important part of our identity as a company but we will continue to
introduce a wider range of products and services which will make personal
finance transparent and accessible."
Sergei Bogatenkov thanked all the people and partners who have been a part of
the company on its 20-year journey. "We have shared common lessons, success
stories and worked towards a long-term goal. I am sincerely grateful to everyone
who has helped us achieve such great results. I hope that this year brings the
long-awaited solution to the COVID crisis and that we are able to return to
normal life."
Statement of Financial Position
(in thousands of euros) 31.12.2020 31.12.2019
-------------------------------------------------------------------------------
Assets
Due from credit institutions 25,742 19,757
Due from investment companies 15,120 6,786
Financial assets at fair value through profit or loss 10,248 9,759
Loans and receivables 6,730 3,983
Other assets 1,390 912
Investments into associates 1,375 0
Investments into subsidiaries 4,180 0
Tangible assets 1,614 1,283
Right-of-use asset 4,213 4,059
Intangible assets 824 630
Total assets 71,436 47,169
Liabilities
Financial liabilities at fair value through profit or
loss 219 66
Liabilities and prepayments 7,317 2,349
Subordinated debt securities 1,827 1,827
Lease liabilities 4,396 4,145
Total liabilities 13,759 8,387
Equity
Share capital 2,586 2,586
Statutory reserve capital 259 259
Retained earnings 54,832 35,937
Total equity 57,677 38,782
Total liabilities and equity 71,436 47,169
Statement of Comprehensive Income
(in thousands of euros) 2020 2019
-------------------------------------------------------------------------------
Net gains from trading of financial assets at fair value
through profit or loss with clients and liquidity providers 65,762 34,838
Brokerage and commission fee revenue 32 71
Brokerage and commission fee expense -18,719 -11,708
Other trading activity related income 19 31
Other trading activity related expense -23 -22
Net income from trading 47,071 23,210
-------------------------------------------------------------------------------
Other income 1,368 777
Other expense -391 -202
Interest income calculated using the effective interest method 128 75
Other income similar to interest 194 183
Interest expense -245 -224
Net gains/(losses) on exchange rate changes -1,360 266
Net gains at fair value through profit or loss 0 50
Personnel expenses -7,670 -7,006
Operating expenses -17,400 -11,268
Depreciation of tangible and intangible assets -626 -526
Depreciation of right-of-use assets -573 -420
Profit before income tax 20,532 4,915
-------------------------------------------------------------------------------
Income tax -267 -311
Profit for the reporting period 20,265 4,604
-------------------------------------------------------------------------------
Comprehensive income for the reporting period 20,265 4,604
Basic and diluted earnings per share 50.16 11.40
The reports of Admiral Markets AS are available on the following
website: https://admiralmarketsgroup.com/en/admiral-markets-as/reports/.
Under the international financial services trademark of Admiral Markets,
customers are offered Forex and leveraged Contract for Difference (CFD) web-
based trading service in the over-the-counter market as well as listed
instruments. Since the foundation in 2001, Admiral Markets has continually
expanded its reach, and today it services worldwide through regulated trading
companies.
Investment company Admiral Markets AS, established in Estonia, is a branch of
Admiral Markets 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. Admiral Markets
Group AS is physically represented in 19 countries through its regulated trading
companies with a customer portfolio covering over 145 countries.
Additional information:
Kaia Gil
Communication manager of Admiral Markets AS
kaia.gil@admiralmarkets.com (mailto:kaia.gil@admiralmarkets.com)
+372 53 413 764
|