Financial outcomes for the second quarter, as reported by Bragg Gaming
Bragg Gaming Group Reports Significant Q2 Profit Improvement
Bragg Gaming Group, a leading iGaming services and media provider, has announced a strong financial performance for the second quarter of 2022. The company's financial review, published recently, reveals a notable turnaround in the company's financial standing.
In a remarkable turn of events, Bragg Gaming Group has reported a net income of 90 thousand euros for the second quarter of this year. This is a stark contrast to the net loss of over 2.3 million euros in the same period last year.
The improvement in Bragg Gaming Group's financial health is evident in the adjusted earnings before taxes, interest, and depreciation (EBITDA). The figure has seen a significant spike, growing from almost 2 million euros to a bit over 3 million.
The gross profit of Bragg Gaming Group also experienced a substantial increase. The company recorded a gross profit of over 11.5 million euros this year, marking an impressive 65% growth from the 7 million euros reported in the same period last year.
The gross profit margin for Bragg Gaming Group also saw an uptick, growing by over 10%, from 45% to almost 56%.
Lower transactional fees are credited for contributing to the jump in Bragg Gaming Group's financial standing.
In addition, Bragg Gaming Group expects to further increase their revenue and generate up to 80 million euros by the end of the year.
Meanwhile, Germany-based company Grenke has also published its financial report for the second quarter of 2022, anticipating sales to generate a total of 80 million euros.
Bragg Gaming Group's financial success underscores the company's continued growth and commitment to delivering high-quality iGaming services and media. As the company looks forward to the rest of the year, investors and stakeholders can expect continued focus on driving revenue growth and maintaining financial stability.
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