The NAGA Group AG, the provider of the all-in-one financialSuperApp NAGA, reported preliminary figures for the financial year 2024,aligning with its expectations.
The company focused on completing the complex reverse mergerbetween the former CAPEX Group and The Naga Group. The merger was finalized inAugust 2024, marking the start of the integration process. This includedmigrating customers to a single technology platform and optimizing humanresources.
2024 Transition Year for NAGA Group
As anticipated, 2024 was a transition year rather than oneof growth in revenue and earnings. This was mainly due to the gradual shifttowards a unified market approach and reduced marketing expenditures.
Group revenues totalled EUR 62.3 million, compared to EUR77.5 million in the previous year. On the cost side, the company saw savingsfrom reduced marketing and advertising expenses, as well as synergies inpersonnel and operating costs. Group EBITDA amounted to EUR 8.1 million, with amargin of 13%, up from EUR 8.5 million and 11% in 2023.
According to the company, cost savings and efficiencymeasures will become fully evident in 2025. The launch of the one-brandmarketing strategy and the complete transition to a single platform areexpected to improve operational efficiency and reduce customer acquisitioncosts in 2025.
Meanwhile, the Group appointed MikeTyson as its brand ambassador. The partnership was officially announced byNAGA’s CEO, Octavian Pătrașcu, who shared the news of Tyson’s appointment.
Pătrașcunoted that the team successfully negotiated and signed contracts with Tyson andcoordinated 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 thecompany’s first successful attempt at self-sustainability. The company aims toachieve organic growth through internal financing, with external financingreserved for geographic expansion and potential mergers and acquisitions.
“For the financial year 2025, The NAGA Group expects astrong increase in EBITDA and net profit, driven by margin improvement throughthe further implementation of synergies, while returning to 2023 revenue levels,”the company stated.
This article was written by Tareq Sikder at www.financemagnates.com.
