LASDAX'S FINANCIAL RESULTS - C.Y 2023
February 09, 2024
LASDAX published its annual financial report for the calendar year ending December 2023 on February 09, 2024.
Despite the banking crisis at the onset of the year, LASDAX managed to maintain a robust performance. Its standalone revenue reached AED 70.92 million (USD 19.31 million), with a standalone PAT* (Profit After Tax) of AED 33.34 million (USD 9.08 million). In comparison to the previous calendar year (C.Y) 2022, our revenues have seen a notable increase of 21%, and our Profit After Tax (PAT) has surged by 27%.
*LASDAX was granted a preferential 0% corporate tax rate upon its establishment in November 2021, which is scheduled to expire in October 2024.
A comprehensive audited report prepared by PwC has been submitted to The Securities and Commodities Authority (SCA) in Dubai and The U.S. Securities and Exchange Commission (SEC) in Washington. For privacy reasons, we have opted not to upload the audited report on our website. However, if you wish to review our financial report, kindly reach out to our CEO (ceo@lasdax.com), stating your reason for requesting access. Upon receipt of your request, we will be delighted to share the report with you.
OUTLOOK FOR 2024
FINANCIAL FORECAST
We anticipate that the calendar year 2024 will pose challenges for the global equity markets, while showing bullish trends in the commodity markets. Consequently, we anticipate our revenues to either remain stable or experience a marginal increase, primarily attributable to heightened sales of portfolio advisory services. However, despite our efforts, we do not anticipate profitability as observed in the previous two years due to heightened expenditure directed towards our expansion initiatives. In the current calendar year, we expect to allocate between USD 15-17 million towards these expansion activities, with the intention of achieving this without incurring any debt.
EXPANSION ACTIVITIES
UAE: Starting April 2024, we will temporarily conduct operations from our own space at Limestone House (DIFC) while we prepare our new, state-of-the-art office. We anticipate completing the setup and moving into our new office by October 2024.
Switzerland: We have successfully obtained regulatory clearances and a license to operate in Switzerland from SER (SIX Exchange Regulation AG). We expect to commence our operations in November 2024. Switzerland will serve as our new operational base, and we anticipate that the majority of our existing staff will relocate by the end of this year.
India: To accelerate our on-ground research efforts, we have established a temporary office with four employees at a co-working space in Delhi NCR, India. We anticipate that regulatory approvals from the government will be granted shortly, allowing us to proceed with our plans. As a result, we aim to be fully operational by December 2024.
Thailand: Our project in Thailand is the most important one to date and will differ significantly from our current business operations. Despite having registered our business and obtained the necessary license, we plan to commence operations in the second half of 2025.
