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Citycon H1/2023: Compounding operational growth

Published

1 year ago

July 18, 2023

CISION (PR Newswire)

CITYCON OYJ Half-Year Financial Report 18 July 2023 at 20:30 hrs

HELSINKI, July 18, 2023 /PRNewswire/ — CITYCON Q1-Q2/2023 RESULTS SUMMARY:

FINANCIAL & KEY PERFORMANCE INDICATORS

Like-for-Like (‘LFL’) Net Rental Income
Excludes acquisitions, dispositions, development, and closed asset (Torvbyen)

Q1-Q2/2023, increased 6.9% (comparable FX) vs. Q1-Q2/2022

Q2/2023, increased 4.5% (comparable FX) vs. Q2/2022

Q2/2022 was positively impacted by several one-time benefits resulting in difficult Q2/2023 comparisons. Excl. these one-time items:

Q1-Q2/2023, increased 7.8% (comparable FX) vs. Q1-Q2/2022

Q2/2023, increased 7.5% (comparable FX) vs. Q2/2022
Q2/2023 compounding growth achieved versus last year as Q2/2022 LFL NRI growth was 9.1% vs. Q2/2021.

Standing Net Rental Income
Excl. four assets disposed in Norway in 2022

Q1-Q2/2023, increased 5.5% (comparable FX) vs. Q1-Q2/2022

Q2/2023, increased 2.6% (comparable FX) vs. Q2/2022

In addition, Q1-Q2/2023 was further impacted by the closing of Torvbyen in Norway. Excl. the adverse impact of these two combined items:

Q1-Q2/2023, increased 7.9% (comparable FX) vs. Q1-Q2/2022

Q2/2023, increased 7.2% (comparable FX) vs. Q2/2022

All Net Rental Income

FX-rate impact to total NRI was EUR -5.8 million in Q1-Q2/2023
On a sequential basis, Q2/2023 NRI grew 2% over Q1/2023

KPI’s

Q1-Q2/2023 LFL tenant sales +4.1%

+9.7% vs. Q1-Q2/2019 (pre-pandemic)

Q1-Q2/2023 LFL footfall +3.1%
Q2/2023 retail occupancy 95.5%
- +10 bps vs. Q1/2023
- +50 bps increase from Q2/2022
Q2/2023 collections were 97%

Q1/2023 improved to 99% from 97%

Q1-Q2/2023 average rent per sqm increased EUR 1.5 (+6.8%) to EUR 24.0 (comparable FX)
Q2/2023 9.4% LFL occupancy cost ratio

BALANCE SHEET

Liability Management

Replacement and extension of EUR 650 million credit facility in April 2023, incl. EUR 250 million term loan
Q2/2023 Tendered EUR 138 million of 2024 senior bonds (notional)
Q2/2023 Purchased additional EUR 15.7 million of notional bonds in open market

Q1-Q2/2023 total notional bond and hybrid repurchases of EUR 235 million for EUR 211 million cash

Fair Value

Q1-Q2/2023 net fair value improved EUR 69.4 million

Q2/2023 net fair value improved EUR 24.7 million

SUSTAINABILITY

3^rd consecutive year as Financial Times European Climate Leader

Only Finnish real estate company included on the list; top third of all European companies regardless of sector.

Recently updated sustainability strategy

Setting ambitious goals for 2030

STANDING PORTFOLIO KEY FIGURES 1)
		Q2/2023	Q2/2022	%	FX Adjusted Q2/2022	FX Adjusted % 4) Advertisement
Net rental income	MEUR	48.9	51.0	-4.1 %	47.7	2.6 %
Direct operating profit 2)	MEUR	42.2 Advertisement	44.6	-5.3 %	41.5	1.6 %

EPRA based key figures 2)
EPRA Earnings	MEUR	26.6	30.4	-12.5 % Advertisement	28.3	-6.0 %
Adjusted EPRA Earnings 3)	MEUR	19.5	22.8	-14.6 %	20.7	-6.0 %
EPRA Earnings per share (basic) Advertisement	EUR	0.159	0.181	-12.5 %	0.169	-6.0 %
Adjusted EPRA Earnings per share (basic) 3)	EUR	0.116	0.136 Advertisement	-14.6 %	0.123	-6.0 %

		Q1-Q2 /2023	Q1-Q2/ 2022	%	FX Adjusted Q1-Q2/2022	FX Adjusted % 4)	Q1-Q4/2022
Net rental income Advertisement	MEUR	96.8	97.0	-0.3 %	91.7	5.5 %	195.1
Direct operating profit 2)	MEUR	80.5 Advertisement	81.9	-1.7 %	77.2	4.3 %	166.2

EPRA based key figures 2)
EPRA Earnings	MEUR	51.9	55.7 Advertisement	-6.8 %	52.3	-0.7 %	113.6
Adjusted EPRA Earnings 3)	MEUR	37.4	40.6	-8.0 %	37.2 Advertisement	0.5 %	83.1
EPRA Earnings per share (basic)	EUR	0.309	0.332	-6.8 %	0.311	-0.7 %	0.676 Advertisement
Adjusted EPRA Earnings per share (basic) 3)	EUR	0.222	0.242	-8.0 %	0.221	0.5 %	0.495
1)Standing portfolio key figures include only income and expenses from investment properties that were on group balance sheet on 30 June 2023. The portfolio is the same in the reporting period and in the comparison period, hence the numbers are comparable. Lippulaiva (opened on the 31st of March 2022) is included in the standing portfolio. 2) Citycon presents alternative performance measures according to the European Securities and Markets Authority (ESMA) guidelines. More information is presented in Basis of Preparation and Accounting Policies in the notes to the accounts. 3) The key figure includes hybrid bond coupons and amortized fees. 4) Change from previous year (comparable exchange rates). Change-% is calculated from exact figures.

KEY FIGURES
Citycon Group 1)		Q2/2023	Q2/2022	%	FX Adjusted Q2/2022	FX Adjusted % 2)
Net rental income	MEUR	48.9 Advertisement	52.8	-7.3 %	49.2	-0.6 %
Like-for-like net rental income development	%	4.5 %	9.1 %	–	– Advertisement	–
Direct operating profit 3)	MEUR	42.2	46.3	-8.9 %	43.0	-2.0 %
IFRS Earnings per share (basic) 4)	EUR Advertisement	0.18	0.13	41.2 %	0.11	56.0 %
Fair value of investment properties	MEUR	3 979.0	4 216.9	-5.6 % Advertisement	–	–
Loan to Value (LTV) 3) 6)	%	43.0	40.8	5.4 %	–	–

EPRA based key figures 3) Advertisement
EPRA Earnings	MEUR	26.6	32.2	-17.4 %	29.8	-10.9 %
Adjusted EPRA Earnings 5)	MEUR	19.4 Advertisement	24.6	-20.8 %	22.2	-12.5 %
EPRA Earnings per share (basic)	EUR	0.158	0.192	-17.4 %	0.178 Advertisement	-10.9 %
Adjusted EPRA Earnings per share (basic) 5)	EUR	0.116	0.146	-20.8 %	0.132	-12.5 %
EPRA NRV per share 7)	EUR Advertisement	10.71	11.87	-9.8 %	–	–


		Q1-Q2 /2023	Q1-Q2 /2022	%	FX Adjusted Q1-Q2/2022 Advertisement	FX Adjusted % 2)	Q1-Q4/2022
Net rental income	MEUR	96.7	101.8	-5.0 %	96.0	0.8 %	203.6 Advertisement
Like-for-like net rental income development	%	6.9 %	6.1 %	–	–	–	6.6 %
Direct operating profit 3)	MEUR Advertisement	80.4	86.4	-7.0 %	81.3	-1.0 %	175.2
IFRS Earnings per share (basic) 4)	EUR	0.50	0.26 Advertisement	91.5 %	0.24	–	-0.15
Fair value of investment properties	MEUR	3 979.0	4 216.9	-5.6 %	– Advertisement	–	4 040.1
Loan to Value (LTV) 3) 6)	%	43.0	40.8	5.4 %	–	–	41.4 Advertisement

EPRA based key figures 3)
EPRA Earnings	MEUR	51.9	60.3	-14.0 %	56.4	-8.0 %	122.6
Adjusted EPRA Earnings 5) Advertisement	MEUR	37.3	45.2	-17.4 %	41.3	-9.6 %	92.1
EPRA Earnings per share (basic)	EUR	0.309 Advertisement	0.359	-14.0 %	0.336	-8.0 %	0.730
Adjusted EPRA Earnings per share (basic) 5)	EUR	0.222	0.269	-17.4 % Advertisement	0.246	-9.6 %	0.548
EPRA NRV per share 7)	EUR	10.71	11.87	-9.8 %	–	– Advertisement	11.01
1)The numbers include the sale of four investments properties during the last year 2) Change from previous year (comparable exchange rates). Change-% is calculated from exact figures. 3) Citycon presents alternative performance measures according to the European Securities and Markets Authority (ESMA) guidelines. More information is presented in Basis of Preparation and Accounting Policies in the notes to the accounts. 4) The key figure includes hybrid bond coupons, amortized fees and gains and expenses on hybrid bond repayments. 5) The key figure includes hybrid bond coupons and amortized fees. 6) Highly liquid cash investments has been taken into account in net debt. 7) The effect of currency rates to EPRA NRV/share was EUR -0.58.

CEO F. SCOTT BALL:

We continue to see strong performance in our business fundamentals in the first half of the year as like-for-like tenant sales were 4.1% above Q1-Q2/2022 and 9.7% above Q1-Q2/2019 pre-pandemic levels. We also are seeing more customers in our centres as like-for-like footfall increased 3.1% compared to the previous year. Retail occupancy is now at 95.5%, up 50 bps versus the same quarter last year. At the same time, average rent per square meter, with comparable FX rates, increased by 1.5 EUR/s.qm. (6.8% to 24.0 EUR per sq.m.) during the first half the year. We continue to benefit from a low occupancy cost ratio of 9.4%, which together with increasing tenant sales and improving footfall, positions Citycon for continued compounding rent growth and service charge increases. Sales increases keeping pace with inflation were evident in our continued high collection rates of 97% in Q2/2023, with Q1/2023 collection improving to 99%. In the first half of the year, these metrics supported our underlying asset values where we recorded a net fair value gain of EUR 69.4 million for Q1-Q2/2023, reflecting the impact of compounding rent growth due to indexation linked leases (93% of our leases).

The net effect of these strong KPI’s is that like-for-like net rental income grew nearly 8%, when excluding one-time items. On a sequential basis, Q2/2023 net rental income grew 2% over Q1/2023 net rental income. In the first half of this year there has been adverse volatility of currencies (which is outside of our control), specifically the NOK and SEK are at twenty-year lows. Each quarter we translate these currencies back to the euro for reporting purposes. These currencies will likely rebound at some point, at which time we will benefit. More details on the impact of currency through H1/2023 are included within the report.

There are several factors which explain these results: our terrific assets, our strong local teams, the strength of our markets throughout the Nordics and continued strength of consumers, as evidenced by the high level of foot traffic in our assets and the corresponding sales being reported by our tenants. This is due, in part, to our business model, which focuses on necessity-based retail and essential services addressing the every-day-needs of our communities. This type of retail promotes daily traffic to our properties, which is only enhanced by locations in central urban areas adjacent to public rail/bus transportation hubs. Another driver of the consumer strength phenomenon is the average wage growth (5.5%) that has occurred in our markets due to inflation. As is typical in an inflationary environment, price increases work though the entire chain: wages, cost of goods/services, higher sales, and ultimately, for Citycon, higher rents.

As noted in our Q1/2023 Interim Report, we refinanced and expanded our credit facility in April from EUR 500 million to EUR 650 million, consisting of a EUR 400 million revolver and EUR 250 million term loan. Following this refinancing, our team continued their disciplined capital allocation by using the proceeds to execute a EUR 138 million tender for our bonds maturing in 2024, taking advantage of large discounts and dislocation in secondary trading. In addition to the tender, we continued repurchasing bonds (EUR 15.7 million) in the open market at a significant discount during the second quarter and will continue to act opportunistically to repurchase debt. Through these actions, we continue to mitigate the earnings impact of higher current market interest rates, while also improving our overall balance sheet. In addition to the new credit facility and term loan, we have disposed of EUR 266 million of non-core assets at approx. book value over the past 20 months, including EUR 120 million in December 2022, which is part of our planned EUR 500 million asset sale target. With the additional flexibility of the new credit facility, we can be patient as Nordic transaction markets stabilize and we continue our asset management initiations to maximize values for further sales transactions. Given the reports of significant amounts of investment capital waiting to be invested, we remain confident that we will meet our previously disclosed divestment target by the end of 2024.

As mentioned, the tenant mix of Citycon’s assets, which consists of municipal and grocery tenants, anchored by public transportation with indexation linked leases, sets us apart from our peer group. This long-stated strategy has already demonstrated its strength and resilience throughout a variety of market conditions, which we continue to improve upon. The most recent example of our active asset management is Myyrmanni centre in Finland, where we have further improved the tenant mix to increase the share of necessity-based tenants by signing several new leases including a new Lidl grocer and a 7,300 sq.m. Prisma hypermarket resulting in groceries representing over 50% of the total GLA when reopening this fall. This is consistent with what we have achieved in many of our properties including Columbus (which we sold in 2021) and will continue to accomplish across the portfolio. These actions not only provide stability to revenue growth, it has the added benefit of improving the average credit profile of our tenant base. These asset management decisions remain aligned with, but separate from, the zoning work we are doing to achieve substantial additional building rights across the portfolio.

Our business is really not that complicated. We own quality real estate, provide the consumer the goods and services they require, and provide an environment that is convenient to access. When you layer in the dramatic impact of compounding rent growth, you have the recipe for success. The bottom line is that our business fundamentals are strong, and our assets continue to perform very well. There is a scarcity of the type of high-quality retail assets we own, we have a proven business model and all of the important metrics (sales, footfall, rents, occupancy, collections) continue to show sustained growth. For all these reasons we remain bullish on the prospects of the business moving forward.

FX impact on LTV, NRV and IFRS equity

	Actual FX-rates Q2/2023	14.7.2023 FX-rates	31.12.2022 FX-rates	31.12.2021 FX-rates
LTV (%)	43.0 %	42.6 %	42.0 %	41.1 % Advertisement
EPRA NRV per share	10.71	10.93	11.29	11.60
Equity increase compared to Q2 actual (MEUR)	–	32.4	86.2	131.9 Advertisement

OUTLOOK FOR THE YEAR 2023 – reaffirmed with additional FX details

		Outlook for 2023 with year-end 2022 FX rates	Potential FY2023 negative FX impact
Direct operating profit	MEUR	174–192	-10
EPRA Earnings per share (basic)	EUR Advertisement	0.69–0.81	-0.08
Adjusted EPRA Earnings per share (basic)	EUR	0.51–0.63	-0.08

The outlook assumes that there are no major changes in macroeconomic factors and that there will not be another wave of COVID-19 with restrictions resulting in significant store closures and no major disruptions from the war in Ukraine. These estimates are based on the existing property portfolio as well as year-end 2022 estimates of inflation, EUR–SEK and EUR–NOK exchange rates, and interest rates.

Given exchange rates have recently been subject to extraordinary volatility, estimated FX impact for the full year 2023 is provided as an additional information for further transparency and clarification. Potential negative FX impact for FY2023 is based on the assumption that EUR–SEK and EUR–NOK exchange rates stay at the level of 14 July 2023.

AUDIOCAST

Citycon’s investor, analyst and press conference call and live audiocasting will be held on Wednesday, 19 July 2023 at 10 am EEST. The audiocast can be participated by calling in and following live at this website: https://citycon.videosync.fi/q2-2023

Questions for the management can be presented by phone. To ask questions, join the teleconference by registering on the following link: http://palvelu.flik.fi/teleconference/?id=10010528

After the registration you will be provided with phone numbers and a conference ID to access the conference. To ask a question, press *5 on your telephone keypad to enter the queue.

The audiocast will be recorded and it will be available afterwards on Citycon’s website.

CITYCON OYJ

For further information, please contact:
Bret McLeod
Chief Financial Officer
Tel. +46 73 326 8455
[email protected]

Sakari Järvelä
VP, Corporate Finance and Investor Relations
Telephone +358 50 387 8180
[email protected]

Citycon is a leading owner, manager and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.2 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.

Citycon has investment-grade credit rating from Standard & Poor’s (BBB-). Citycon’s shares are listed on Nasdaq Helsinki Ltd.
www.citycon.com

The following files are available for download:

https://mb.cision.com/Main/13399/3806918/2195295.pdf

Citycon_Half-yearly Report 2023

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Fraud Detection & Prevention Market to Reach $252.7 Billion, Globally, by 2032 at 24.3% CAGR: Allied Market Research

Published

3 mins ago

September 20, 2024

CISION (PR Newswire)

fraud-detection-&-prevention-market-to-reach-$2527-billion,-globally,-by-2032-at-24.3%-cagr:-allied-market-research

The introduction of big data analytics, cloud computing services, and an upsurge in mobile payment drive the growth of the market.

PORTLAND, Ore., Sept. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Fraud Detection & Prevention Market by Component (Solution and Service), Deployment Mode (On-Premises and Cloud), Organization Size (Large Enterprises and Small and Medium-sized Enterprises) and Industry Vertical (BFSI, IT and Telecom, Retail, Healthcare, Government and Defense, Manufacturing, Transportation and Logistics and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “fraud detection & prevention market” was valued at $29.5 billion in 2022, and is projected to reach $252.7 billion by 2032, growing at a CAGR of 24.3% from 2023 to 2032.

The introduction of big data analytics, cloud computing services, and an upsurge in mobile payment drive the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market. Moreover, continuous technological advancements are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the high cost of fraud detection and prevention solutions limits the growth of the fraud detection & prevention market.

Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/2142

The solution segment held the highest market share in 2022.

By component, the solution segment dominated the market in 2022, this dominance is driven by the increasing demand for advanced technological solutions that can effectively detect, monitor, and prevent fraudulent activities across various industries such as banking, e-commerce, and insurance. Solutions like AI-based fraud detection, machine learning algorithms, and behavioral analytics have become critical tools in identifying potential fraud in real time and reducing financial losses. However, the service segment is expected to witness the largest CAGR of 28.0%, this growth is driven by the increasing need for specialized services such as consulting, implementation, and maintenance to help organizations effectively integrate and optimize fraud detection solutions.

The BFSI segment held the highest market share in 2022.

By industry vertical, the BFSI segment accounted for the largest share in 2022. This is primarily due to the high frequency and sophistication of fraud targeting financial institutions, making fraud detection and prevention solutions a critical need in the BFSI sector. Financial transactions, online banking, and digital payments are particularly vulnerable to cyberattacks, phishing schemes, and identity theft, driving the sector’s substantial investment in advanced fraud detection technologies. However, the retail segment is expected to witness the largest CAGR of 32.7%. This anticipated growth is driven by several factors. Retailers are increasingly targeted by fraudsters due to the high volume of transactions and the sensitivity of customer data involved. As e-commerce and digital transactions expand, the need for advanced fraud detection and prevention solutions becomes more critical.

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Regional Insights: The North America region held the highest market share in 2022.

By region, the fraud detection & prevention market was dominated by North America in 2022. North America, particularly the U.S., has a highly developed financial and technological infrastructure that supports advanced fraud detection solutions. The region’s significant investments in cybersecurity and fraud prevention technologies, combined with a high incidence of cyber threats, drive continuous innovation and adoption of sophisticated fraud management systems.

Buy this Complete Report (415 Pages PDF with Insights, Charts, Tables, and Figures) at:

https://www.alliedmarketresearch.com/fraud-detection-and-prevention-market/purchase-options

Key Industry Developments

In February 2024, the U.S. Department of the Treasury announced that it has recovered over $375 million as a result of its implementation of an enhanced fraud detection process that utilizes Artificial Intelligence (AI) at the beginning of Fiscal Year 2023.
In April 2024, Cognizant collaborated with FICO, to launch a cloud-based real-time payment fraud prevention solution powered by FICO Falcon Fraud Manager. The joint offering would leverage both firms’ artificial intelligence (AI) and machine learning (ML) technology to help banks and other payment service providers in North America protect their customers from fraud in the growing world of instant digital payments.
In September 2022, Deutsche Bank collaborated with Visa, to help prevent online retail fraud. Merchants who process their e-commerce payments via Deutsche Bank can now use “Decision Manager,” an automated fraud detection system from Visa-owned company Cybersource.

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Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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KuCoin’s Alicia Kao Shares Insights on How AI is Accelerating Mass Crypto Adoption at TOKEN2049 Singapore

Published

3 mins ago

September 20, 2024

CISION (PR Newswire)

VICTORIA, Seychelles, Sept. 20, 2024 /PRNewswire/ — Alicia Kao, Managing Director at leading global cryptocurrency exchange, KuCoin, shared her vision on how crypto exchanges are the drivers that hold the keys to unlocking mainstream crypto adoption. Speaking at the OKX Main Stage at TOKEN2049 in Singapore on a panel session titled “Exchanges at the Helm: Driving Crypto from Niche to Mainstream,” Alicia shared that “accessing information about blockchain has become significantly easier…at KuCoin, we leverage complex data analysis algorithms using our trading bots to help users trade more efficiently.”

Industry stakeholders from all groups were in attendance for the panel, comprising investors, crypto enthusiasts, and more. The focus was on the crucial role of cryptocurrency exchanges in paving the way for crypto adoption and the eventual integration of digital assets into mainstream financial systems. Alicia and her fellow panelists explored both the challenges and opportunities that lay ahead for the crypto industry.

Alongside Alicia, the panel also featured leaders from leading crypto exchanges such as Ben Zhou, Co-Founder and CEO of Bybit; Gracy Chen, CEO of Bitget; Vivien Lin, Chief Product Officer of BingX; and Sonia Shaw, President of CoinW, and moderated by Michael Casey, Chairman of the Decentralized AI Society.

In addition to the panel discussion, KuCoin cemented its position as a leading centralised exchange (CEX) with a prominent presence on the show floor and activations that showcased the platform’s latest developments. The KuCoin Arcade also drew significant attention, offering an engaging and immersive experience with interactive crypto-themed games and activities.

“As we wrap up another edition of TOKEN2049 in Singapore, I’m once again filled with optimism for the future of the crypto industry. The energy, innovation, and collaboration displayed over the past two days have been immensely inspiring. At KuCoin, we will continue striving to be the driving force in this ever evolving space to build a more inclusive, decentralised, and prosperous financial future” added Alicia as TOKEN2049 concluded.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

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Ultima Markets Wins Two Prestigious Awards at Global Forex Awards–Retail 2024!

Published

5 hours ago

September 20, 2024

CISION (PR Newswire)

ultima-markets-wins-two-prestigious-awards-at-global-forex-awards–retail-2024!

LIMASSOL, Cyprus, Sept. 20, 2024 /PRNewswire/ — Ultima Markets, a leading global forex and CFDs brokerage, is thrilled to announce its double success at the prestigious Global Forex Awards – Retail 2024. The company won two distinguished awards: “Best Affiliates Brokerage – Global” and “Best Fund Safety – Global.”

The awards were presented during the event in Limassol, Cyprus, where Jean Philippe, Board Advisor, Corporate Governance and Sustainability at Ultima Markets, accepted the honours.

The Global Forex Awards – Retail has celebrated excellence in trading innovation for seven consecutive years. Ultima Markets’ dual wins reflect its commitment to quality, client-centric strategies, and strong partnerships across the financial services sector.

The “Best Affiliates Brokerage—Global” award recognises Ultima Markets’ exemplary affiliate programme, which has successfully driven its global expansion. It is celebrated for its transparency and competitive rewards tailored to affiliate needs.

Receiving the “Best Fund Safety – Global” award highlights Ultima Markets’ efforts to safeguard client assets. Through its partnership with Willis Towers Watson, the company provides up to USD$1,000,000 in insurance per account, while its Financial Commission membership ensures clients access to up to €20,000 in compensation funds.

These recognitions underscore Ultima Markets’ priority to security and transparency, including segregated accounts and robust risk management practices. The broker also assures affiliate partners of exceptional standards.

Commenting on the awards, Jean Philippe said, “These recognitions reflect the exceptional work of our teams to ensure the safety of traders’ funds and our dedication to creating value for our partners and clients. We will continue to evolve and innovate to meet the market’s demands.”

Ultima Markets is renowned for its extensive range of trading products and personalised customer service, designed to meet clients’ diverse needs worldwide. The dual recognition marks a significant milestone in the company’s global growth and reaffirms its reputation for delivering fund safety and robust affiliate opportunities.

“We are delighted to be recognised with these awards, which reflect our mission to create a secure trading environment and build strong, rewarding partnerships,” said Jack Li, Ultima Markets’ Regional Business Director.

About Ultima Markets

Ultima Markets is a fully licensed, fast-growing broker offering access to 250+ financial instruments. With a team of 2,000+ professionals in 15 global offices, we serve clients in 172 countries. Check out more about our awards on Facebook, X, Instagram, LinkedIn and YouTube.