Amana Capital UK Reports Slip in Revenue in 2020

FCA-regulated Amana Financial Services UK Limited, the UK subsidiary of Amana Capital Group, has released its financials for the year of 2020 ended on December 31, showing a slip in revenue on a yearly scale.

The number of funded accounts stood at 412 compared with 126 in 2019. This increase was an outcome of the Covid-19 outbreak, which resulted in significant volatility across all asset classes in 2020. The higher volatility resulted in increased trading from existing clients and new.

The UK broker opened 129 new accounts in the year, compared to the previous year’s count of 223. Revenue came in at $645,000, down by 10.4 percent compared to $720,000 in 2019. Moreover, it turned a net loss of $19,799.

Additionally, the administrative cost for the company decreased significantly by more than 13 percent, mostly due to the decreased staff cost. Furthermore, the UK firm strengthened its balance sheet as it ended the year with total assets of $3.95 million.

As Fazzaco reported earlier, Amana Capital has hired financial industry veteran Muhammad Rasoul​ as its new CEO, succeeding Ahmad Khatib.