Multi asset prime broker and FX liquidity provider Divisa Capital has reported Fiscal 2017 (March 31 year end) financials for its FCA regulated arm Divisa UK Limited, indicating healthy growth for the company as it prepares for a much bigger growth spurt following Divisa’s $100 million capital raise made toward the end of the fiscal year.
Divisa UK’s revenues grew 113% from £2.2 million last year to £4.7 million in 2017. A commensurate rise in expenses meant that the company operated at near breakeven, with net income coming in at a modest £78,000.
As noted above, Divisa raised $100 million earlier this year from a group of GCC investors led by Abdul Raouf Waleed Al Bitar, who now is the company’s controlling shareholder. Mr. Al Bitar is the CEO of Al Manhal & Nestlé Waters Group of Factories in Saudi Arabia, and sits on the board of a number of companies throughout the Middle East including the Middle East Specialized Cables Factory (MESC), Springs Beverage Factory, Middle East Mold and Plastic Factory, Gulf Insulation Group, Shaker Group, and LG – Shaker Factory.
And, since that fundraising the company and its CEO Mushegh Tovmasyan have been on a hiring spree including bringing on board Sammy Christou from LCG as Head of Trading, Khaldoun Sharaiha from ADS as Co-Head of Retail Sales, Hormoz Faryar as Global Head of Institutional Sales, and Tony Philip as CMO. Divisa also finalized plans to launch its own Retail FX brand, Equiti.com.
Divisa UK’s 2017 income statement follows:
