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

• 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%
• 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
• 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

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.