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.
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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.
EC Markets’ global expansion seems to be paying off. Last month, the broker opened a new office in Mexico City, marking its first
physical presence in Latin America.
Global Expansion Paying Off
The move into Mexico comes shortly after the firm
launched an office in Mauritius, underscoring a broader strategy to expand its
international footprint. Previously, the firm opened a new office in Ebene,
Mauritius, a central financial hub known for its regulated trading environment.
Additionally, EC
Markets secured a license from the Securities and Commodities
Authority of the United Arab Emirates this year. The license permits full
operation within the country’s regulated financial sector, including client
introductions, service marketing, and financial consultations.
The firm also holds licenses from major jurisdictions such
as the UK’s Financial Conduct Authority, Australia’s ASIC, and South Africa’s
FSCA, strengthening its global regulatory position.
This article was written by Jared Kirui at www.financemagnates.com.
