The NAGA Group AG, the provider of the all-in-one financial SuperApp NAGA, reported preliminary figures for the financial year 2024, aligning with its expectations.
The company focused on completing the complex reverse merger between the former CAPEX Group and The Naga Group. The merger was finalized in August 2024, marking the start of the integration process. This included migrating customers to a single technology platform and optimizing human resources.
2024 Transition Year for NAGA Group
As anticipated, 2024 was a transition year rather than one of growth in revenue and earnings. This was mainly due to the gradual shift towards a unified market approach and reduced marketing expenditures.
Group revenues totalled EUR 62.3 million, compared to EUR 77.5 million in the previous year. On the cost side, the company saw savings from reduced marketing and advertising expenses, as well as synergies in personnel and operating costs. Group EBITDA amounted to EUR 8.1 million, with a margin of 13%, up from EUR 8.5 million and 11% in 2023.
According to the company, cost savings and efficiency measures will become fully evident in 2025. The launch of the one-brand marketing strategy and the complete transition to a single platform are expected to improve operational efficiency and reduce customer acquisition costs in 2025.
Meanwhile, the Group appointed Mike Tyson as its brand ambassador. The partnership was officially announced by NAGA’s CEO, Octavian Pătrașcu, who shared the news of Tyson’s appointment.
Pătrașcu noted that the team successfully negotiated and signed contracts with Tyson and coordinated with production teams in Los Angeles and New York, as reported by Finance Magnates.
Cash Break-Even Achieved
The NAGA Group achieved cash break-even in 2024, marking the company’s first successful attempt at self-sustainability. The company aims to achieve organic growth through internal financing, with external financing reserved for geographic expansion and potential mergers and acquisitions.
“For the financial year 2025, The NAGA Group expects a strong increase in EBITDA and net profit, driven by margin improvement through the further implementation of synergies, while returning to 2023 revenue levels,” the company stated.
This article was written by Tareq Sikder at www.financemagnates.com.Retail FXRead More
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