Geneva based Retail FX and CFDs broker Dukascopy has released its 2023 Annual Report and financial results, indicating that top line Revenues and bottom line profits continued to decline during the second half of the year, following what was already a very slow first half of 2023 at Dukascopy.
Revenues at Dukascopy came in at CHF 9.5 million (USD $10.4 million) during 2H-2023, down slightly (by 1%) from 1H-2023, which as we earlier noted was the first time that Dukascopy Revenues dipped below the CHF 10 million level in more than 10 years.
Net Profit at Dukascopy totaled CHF 0.2 million in 2H-2023, down by 72% from CHF 0.9 million in the first half of the year.
By comparison, Dukascopy’s (much larger) Switzerland based rival Swissquote just posted record best-ever Revenues and Profits for the same July-to-December 2023 period.
For the full year 2023, Revenues of CHF 19.1 million at Dukascopy were down by 29% from 2022 (CHF 26.8 million) – and that despite a large rise in Interest Income in the much higher interest rate environment of 2023. Interest Income accounted for more than 10% of consolidated Revenues at Dukascopy in 2023, versus basically zero in 2022. Annual Net Profit of CHF 1.1 million for Dukascopy in 2023 declined by 83% from 2022’s CHF 6.7 million.
The company did note in a brief statement released with its financial statements, that all subsidiaries of Dukascopy Group were profitable in 2023, although the company seems to have been operating at near breakeven, especially during the second half of the year.
Dukascopy headcount was reduced from 108 to 98 during 2023.
Customer deposits at Dukascopy were basically stable during 2023, coming in at CHF 134.6 million as at year end 2023, versus CHF 132.1 million in 2022.
Companies within Dukascopy Group are regulated in Switzerland, Latvia and Japan. The Latvian entity, Dukascopy Europe has a license to operate in the European Union. Founded in 2004, Dukascopy is controlled by its founders Andre and Veronika Duka, who serve as co-CEOs of the company.
Dukascopy’s 2023 consolidated income statement and balance sheet follow.
