12 May 2020
Sova Capital is pleased to present its audited financials for the year ended 31 December 2019.
Key highlights include:
– Profit before tax of USD 87.2 mn
– Profit after tax of USD 65.5 mn
– Total equity as at 31 December 2019 of USD 396.5 mn
Our total assets have increased by 22% compared to 2018 due to various factors, such as positive results in sale and repurchase agreement activity. This led to an increase in the firm’s reverse repurchase balances from $1.304m to $1.417m, an increase in our cash balances from $381m to $566m, as well as growth in our open positions in financial instruments from $727m to $925m.
Within the same period, net profit after tax increased by 91% to $65m. This was predominantly driven by substantial revenues generated by increased trading activity using a wider range of financial instruments, as well as an improvement in our sale and repurchase agreement activity.
Sergey Sukhanov, CEO of Sova Capital, commented:
”Sova Capital made very strong progress in 2019. Our steady growth is fueled by long-term support of our clients, leveraged by Sova Capital’s comprehensive global coverage and expertise. Our clients have always been our priority, as we strive to provide best-in-class services across both developed and emerging markets. Looking ahead, we see clear scope for further progress in 2020. Our strategic hiring decisions have further strengthened our talent, helping us stay agile and focused on achieving our goals. We’re confident in the future and continue to work hard on behalf of our clients.”