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ICFG Limited announced on 15 April 2025 the publication of the Audited Financial Statements for its 80.81% owned Mongolian subsidiary, Invescore NBFI JSC, for the twelve-month period ended 31 December 2024. The statements, audited by Ernst & Young Mongolia Audit LLC, reported Invescore NBFI JSC's profit before tax increased by 79.6% to MNT 107.3 billion (US$30.3 million) and profit for the year rose by 87.2% to MNT 83.4 billion (US$23.6 million). Net interest income also increased by 78.5% to MNT 141.0 billion (US$39.9 million) for the period.
| Date | 15 Apr 2025 |
| Time | 07:00:08 |
| Category | Corporate updates |
| ID | 0624F |
15 April 2025
ICFG LIMITED
("ICFG" or the "Company")
Invescore NBFI JSC Audited Financial Statements
ICFG announces the publication today of the Audited Financial Statements of its Mongolian subsidiary, Invescore NBFI JSC, quoted on the Mongolian Stock Exchange, for the twelve-month period ended 31 December 2024.
The results presented cover the financial performance of Invescore NBFI JSC, an 80.81% owned subsidiary of ICFG Limited, for the period prior to the completion of the reverse takeover by ICFG Limited (formally known as Fintech Asia Limited). These figures are disclosed to provide insight into the underlying business operations prior to consolidation under the newly formed ICFG Limited. The audit of Invescore NBFI JSC has been undertaken by Ernst & Young Mongolia Audit LLC.
Financial Highlights
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Profit before tax increased from MNT 59.7 billion (approximately US$16.9 million) in 2023 to MNT 107.3 billion (approximately US$30.3 million) in 2024, a growth rate of 79.6%
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Profit for the year increased by 87.2%, rising from MNT 44.6 billion (approximately US$12.6 million) in 2023 to MNT 83.4 billion (approximately US$23.6 million) in 2024
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Net interest income rose from MNT 79.0 billion (approximately US$22.3 million) in 2023 to MNT 141.0 billion (US$39.9 million) in 2024, a 78.5% increase
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Click on the following link, or paste it into your web browser, to view the Invescore NBFI JSC Audited Financial Statements PDF document: https://mse.mn/uploads/finance/INV-20244AuditEN.pdf
Oliver Fox, CEO of ICFG, commented:
"We are delighted to share the 2024 annual results of our subsidiary, Invescore NBFI JSC, which operates in Mongolia, Kyrgyzstan, Uzbekistan and Kazakhstan, in Central Asia. The significant growth in revenue and profits year-on-year, with profit before tax of over US$30 million, is particularly pleasing.
"This continued growth and development of our largest subsidiary, acquired in our recent reverse takeover, positions ICFG well for the future as we progress as a London listed company aiming to deliver significant value for shareholders. I look forward to providing further updates in due course."
Note: MNT figures have been translated at a rate of 3535.42 MNT/US$, being the rate on 12 April 2025
It should be noted that the first set of results relating to ICFG post acquisition will be its interm results for the 6-month period ending 30 June 2025.
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For further information please contact:
ICFG Limited |
Via IFC |
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Oliver Fox, CEO
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Strand Hanson Limited (Financial Adviser) Rory Murphy / Abigail Wennington / David Asquith
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+44 (0) 207 409 3494 |
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Novum Securities (Broker) Jon Bellis / Colin Rowbury
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+44 (0) 207 399 9400 |
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IFC Advisory Limited (Financial PR and IR) |
+44 (0) 203 934 6630 |
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Tim Metcalfe Zach Cohen |
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
LEI: 213800C7BC4EZQAEBT76