- The forex broker Amana Capital UK has seen a considerable jump in funded accounts for 2020
- No less than 412 accounts were funded in the year with 129 new accounts were opened.
- Although Amana Capital saw a decline in revenue and turned a loss, the number of funded accounts increased by a huge margin.
The forex broker, Amana Financial Services UK Ltd recently published its annual report and financial statements for the year ended December 31 2020. The broker, which is part of the broader Amana Capital group reported a decline in revenue, but the number of funded accounts in the period under consideration increased considerably.
According to the forex broker’s filing at Companies House, the number of funded accounts increased by more than 300% from 126 in 2019 to 412 in 2020.
“The increase in the number of accounts funded by the Company’s clients was an outcome of the Covid-19 outbreak, which resulted in significant volatility across all asset classes in 2020,” the filing noted.
“This higher volatility resulted in increased trading from existing clients and new”, the forex broker continued explaining.
Additionally, the forex and CFDs broker opened 129 new accounts in the year. This was a decline when compared to the previous year’s total of 223.
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Forex Broker Amana Capital UK Turns A Net Loss On Decreased Revenue For 2020
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2020 was not a good year revenue and profit-wise for the UK forex broker. In fact, revenue was down to the $645,000 mark when compared to the $720,000 registered in 2019 or a slump of around 10%. Additionally, the UK-based broker registered a net loss of $19,799.
“The decrease in net profit for the year occurred mainly as a result of the decrease in revenue… as a result of the amendment in the agency commission which took place from 1st October 2020, for the intermediation services rendered by Amana Financial Services UK to Amana Capital Limited,” the filing added.
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Amana UK Reduces Administrative Costs And Strengthens Balance Sheet
The UK based forex broker managed to decrease administrative costs by more than 13%. This was chiefly done by reducing staff costs. The UK broker also managed to strengthen its balance sheet with total assets increasing to $3.95 million by the end of 2020.
The Amana Capital Group which has a substantial presence around the world is the mother company of Amana UK Ltd. The group also announced that its new CEO will be Muhammad Rasul who will be replacing its long-standing CEO, Ahmad Khatib.
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Gerald Fenech
