Total
0
Shares
Fatfish Group (ASX:FFG) - CEO, Kin W Lau
CEO, Kin W Lau
Source: DealStreet Asia
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Fatfish Group’s (FFG) Swedish listed subsidiary, Abelco Investment Group, has seen record profits for the 2020 financial year
  • Abelco reported a profit after tax of $15.1 million, a marked improvement on 2019’s loss of $3.5 million
  • The successful turnaround was due to the company disposing of non-profitable subsidiaries
  • However, its revenue for the end of the financial year was $1.7 million, down 29 per cent
  • On the market this morning, Fatfish is up 11.1 per cent and is trading at 15 cents per share

Fatfish Group’s (FFG) Swedish listed subsidiary, Abelco Investment Group, has recorded record profits for the 2020 financial year.

Abelco has recorded a profit after tax of $15.1 million, a marked improvement on 2019’s loss of $3.5 million.

The successful turnaround was mainly due to Abelco’s strategy to dispose of non-profitable subsidiaries and key investments.

However, the company’s revenue for the end of the financial year was down $1.7 million, a 29 per cent decrease from 2019’s $2.4 million.

Fatfish bought its 50.1 per cent stake in Abelco back in March 2020 and since then has embarked on various strategies and initiatives to improve its profitability.

The company is pleased with Abelco’s financial results and will continue to develop strategies and initiatives at Abelco.

Fatfish builds tech businesses with the potential to scale regionally or globally through its “seed-to exit” approach.

On the market this morning, Fatfish is up 11.1 per cent and is trading at 15 cents per share at 10:11 am AEDT.

FFG by the numbers
More From The Market Herald
Zip CO (ASX:Z1P) - CEO, Larry Diamond

" Zip Co (ASX:Z1P) hits records in November

November was a strong month for Zip Co (Z1P), achieving a record monthly transaction volume of $906.5 million, up 52 per cent...
Strategic Elements (ASX:SOR) - Nanocube Memory Ink

" Strategic Elements (ASX:SOR) Japanese Nanocube Memory technology patent granted

Strategic Elements (SOR) has announced a patent has been granted in Japan for its Nanocube Memory technology.
Ensurance (ASX:ENA) - Incoming Non-executive Chairman, Tony Leibowitz

" Ensurance (ASX:ENA) appoints new CEO

Ensurance (ENA) has appointed Mr Tom Kent as CEO, effective from January 1, 2022.
Kelly Partners Group (ASX:KPG) - Founder & CEO, Brett Kelly

" Kelly Partners Group (ASX:KPG) acquires $1.3m Northern Beaches firm

Kelly Partners Group (KPG) has acquired a $1.3 million Northern Beaches firm.