This archive report was first published on 22 September 2019.
Published on September 22nd, 2019, EGM Securities Limited, a non-dealing online foreign exchange broker, has demonstrated resilience in the face of a depressed Nairobi Securities Exchange (NSE). The firm earned brokerage commissions amounting to Sh 1.44 million for the six months ending June 30th, 2019.
For comparison, the firm made a mere Sh 4,000 in the previous year, highlighting a significant increase in revenue. EGM Securities Limited is a non-dealing online foreign exchange broker incorporated in Kenya on December 21, 2016, under the Company's Act, licensed and regulated by the Capital Markets Authority (CMA).
The firm's statement of comprehensive income shows a substantial increase in income, with Sh 100.96 million earned compared to Sh 201,000 the previous year. Moreover, the firm's pre-tax profit stood at Sh 37.4 million at the end of June this year, a stark contrast to the loss of Sh 16.2 million in the previous year.
As a non-dealing online foreign exchange broker, EGM Securities Limited acts as a link between the online foreign exchange market and clients, earning a commission or mark-up in spreads without engaging in market-making activities. This business model allows clients to trade from anywhere and at any time using their electronic devices, providing access to global markets and opportunities for education on global financial markets.
