Business
TOP Financial Group Limited Reports Financial Year Results Ended March 31, 2023
HONG KONG, June 30, 2023 (GLOBE NEWSWIRE) -- TOP Financial Group Limited (the "Company") (NASDAQ: TOP), a fast-growing online brokerage firm located in Hong
About this update from Top Financial Group Limited
[{"type":"text","content":"HONG KONG, June 30, 2023 (GLOBE NEWSWIRE) -- TOP Financial Group Limited (the \"Company\") (NASDAQ: TOP), a fast-growing online brokerage firm located in Hong Kong specializing in the trading of local and foreign equities, futures, options products and other financial services, today reported its financial results for the fiscal year ended March 31, 2023. Fiscal year 2023 highlights: Revenues generated from provision of trading solution services to 9 customers was approximately $4.4 million for the year ended March 31, 2023. The Company commenced trading solution services in May 2021.Other service revenues increased from $280,677 in the year ended March 31, 2022 to $294,083 in the year ended March 31, 2023.Total revenues increased by approximately $1.87 million, or 24%, to $9.7 million for the year ended March 31, 2023 from $7.8 million for the year ended March 31, 2022. The increase was mainly due to the increase in revenue from trading solution services and the interest income. Trading gains also contribute to the increase in total revenue from the result of loss in the year ended March 31, 2022.Net margin decreased 9.9 percentage points to 35% for the year ended March 31, 2023, from 44.9% for the fiscal year ended March 31, 2022. For fiscal years ended March 31 ($ millions, except per share data, differences due to rounding) 2023 2022 % Change Total revenues $9.7 $7.8 24%Total expenses $6.27 $4.24 47.9%Income before income taxes $3.43 $3.58 (4.2)%Net income $3.4 $3.5 (2.86)%Net margin 35% 44.9% (9.9) percentage points Earnings per share – Basic and Diluted $0.10 $0.12 (16.7)% Mr. Yuen Ka Fai, CEO and director of TOP, commented, “We concluded the fiscal year of 2023 on a strong note. The world experienced challenges arising from the COVID pandemic and geopolitical tensions around the world and rising U.S. interest rates environment. Despite having to face such strong head-wind that was not conducive to business growth, TOP achieved a nearly 24% revenues growth as compared to fiscal year 2022. Our company also achieved a significant milestone in June 2022 which was the successful initial public offering ( “IPO”) and listing on the Nasdaq amid an overall challenging environment in the capital markets. Post IPO we continued to demonstrate our ambition and commitment to expansion, positioned the company for further business growth...