SET-listed XSpring Capital (XPG), formerly known as Seamico Securities Plc, expects to gain minimum net profit of 100 million baht this year and is targeting a profit surge next year, in line with strong growth in the digital asset business.
Rathian Srimongkol, chairman of XPG, said the comprehensive ecosystem of the company's digital asset business as well as low-base factor would contribute to profit growth.
Full-range licences of digital asset service and partnership strategy are the key factors in building up the company's comprehensive ecosystem.
Aiming to be the first traditional securities firm entering the digital asset business, XPG has applied for new four digital asset licences from the Securities and Exchange Commission (SEC) to add to its 17 existing licences for digital assets.
The company expects to receive the new four licences -- which cover digital asset broker and dealer, digital asset fund manager, and open-architecture businesses -- from the SEC later this year to the beginning of next year.
After receiving the new four licences, it will open more opportunities for new business partners both locally and internationally. With this scenario, it would support the company building up a complete ecosystem and profitability. For the first half of this year, the company booked net profit of 65 million baht.
"We expect net profit to jump to hundreds of millions of baht in 2022, and will monitor the digital asset market again opening the company to either make profit of one billion baht. Apart from the new S-curve digital asset market, our low-base is another key factor contributing profit at an aggressive growth rate," he said.
Currently, traditional financial services covering brokers and dealers, fund management, asset management corporation and private equity service represent a large portion of its revenue.
