- Fatfish Group’s (FFG) Swedish listed subsidiary, Abelco Investment Group, has seen record profits for the 2020 financial year
- Abelco reported a profit after tax of $15.1 million, a marked improvement on 2019’s loss of $3.5 million
- The successful turnaround was due to the company disposing of non-profitable subsidiaries
- However, its revenue for the end of the financial year was $1.7 million, down 29 per cent
- On the market this morning, Fatfish is up 11.1 per cent and is trading at 15 cents per share
Fatfish Group’s (FFG) Swedish listed subsidiary, Abelco Investment Group, has recorded record profits for the 2020 financial year.
Abelco has recorded a profit after tax of $15.1 million, a marked improvement on 2019’s loss of $3.5 million.
The successful turnaround was mainly due to Abelco’s strategy to dispose of non-profitable subsidiaries and key investments.
However, the company’s revenue for the end of the financial year was down $1.7 million, a 29 per cent decrease from 2019’s $2.4 million.
Fatfish bought its 50.1 per cent stake in Abelco back in March 2020 and since then has embarked on various strategies and initiatives to improve its profitability.
The company is pleased with Abelco’s financial results and will continue to develop strategies and initiatives at Abelco.
Fatfish builds tech businesses with the potential to scale regionally or globally through its “seed-to exit” approach.
On the market this morning, Fatfish is up 11.1 per cent and is trading at 15 cents per share at 10:11 am AEDT.