EC Markets Group closed 2024 with stronger earnings as revenue nearly doubled year-on-year. The forex and CFD brokerage reported higher profits and an improved balance sheet, underlining a year of growth despite rising costs.

Revenue Jumps Close to 90%

The company posted a turnover of $3.24 million for 2024, compared with $1.71 million the previous year. Cost of sales rose to $979,251 from $358,100, but gross profit still increased to $2.26 million from $1.35 million.

Operating profit was $614,622, almost double the $315,933 recorded in 2023. Net profit for the year reached $513,869, up from $448,157. EC Markets’ net profit increased 14% despite an increase in the firm’s administrative expenses, which climbed 58% to $1,641,747.

Shareholder funds rose to $1.59 million by year-end, compared with $1.08 million a year earlier. The company reported that its number of employees increased from 8 in 2023 to 11.

Additional Income Stream

Alongside its core execution-only brokerage business, EC Markets generated income from risk management services provided to an affiliated regulated broker.

The services, offered for a fixed monthly fee, created an unregulated revenue stream in addition to its regulated activities.

EC Markets also expanded its balance sheet during the period. The company’s net assets increase 48% to $1,593,255. Cash at bank and cash at hand increased from $682,196 to $1,665,768.

Source: Finance Magnates