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.
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