The German trading and investing group delivered revenue of €28.4m for the three quarters to 30th September. The ample returns helped NAGA Group back into the black after recording a €4.2m loss for the same period a year ago.
Profits in Q1,Q2 and Q3 were largely due to a reduction in operational and marketing costs. NAGA Group has also taken advantage of the increasing popularity of social investments and epayments in new areas. CEO Michael Milonas said the company’s ability to retain customers and lower churn rates improved its operating agility and performance in 2023.
Milonas added:
This year, our focus has been on reducing spending and increasing efficiency. We are confident about the future after spending 80% less than last year and seeing a growth in all of our key KPIs.
Marketing and sales saw significant budget reductions this year; just €4m was spent on these activities compared to the €26m during the first nine months of 2022. NAGA Group could still bring in new customers, as evidenced by its impressive €181 average net acquisition cost. Last year, the figure was considerably higher (€1,269).
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NAGA’s strong financial performance was…
