HYCM financial reports show low profit despite a 14% revenue boost

HYCM recently released its financial report for 2022. According to the report, the company witnessed a 14% rise in its yearly revenue.

The company generated 1.88 million pounds in 2022 compared to 1.65 million pounds in 2021. Similarly, the UK-based broker accrued over 697,000 pounds in operating income. Compared to a measly 5,000 pounds figure in 2021, the operating income for 2022 was massive.

However, a quick HYCM review revealed that the broker also witnessed a whopping 76% hike in its operating expenses. For 2022, HYCM noted 2.57 million pounds in operating expenses compared to 1.46 million pounds in 2021.

Thus, the company’s net profit dipped to only 3,706 pounds compared to 196,185 pounds in 2021. HYCM released an official statement about the startling figure, saying that the company was satisfied with the year.

According to HYCM, 2022 resulted in a turnover increase, and it was only a one-time contribution to balance the administrative expenses. Therefore, the broker is experiencing net growth without considering the differences in exchange rates.

HYCM is a global brand of entities, such as HYCM Capital Markets (DIFC), HYCM Europe, HYCM Capital Markets (UK), and KYCM Ltd. The company has a wide reach in the Middle East, Europe, and Asia.

In fact, HYCM was named the best forex broker in UAE a year ago. The company recently launched its mobile app called HYCM Trader to assist users. The app has been designed to be beginner-friendly, allowing new investors to experience trading.

Since initiatives like this take time to yield results, HYCM is expecting a 180-degree turnaround in the upcoming quarter. The growing popularity of the mobile app is a reliable indicator of HYCM’s eventual surge. 

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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