Gold by Gold's 2023 annual results: an increase in turnover despite a deficit in net income

Gold by Gold, a French group specializing in the trading and recycling of precious metals, has published its financial results for the year 2023. Turnover increased by 23% to reach 10.1 million euros, mainly thanks to a strong second half in the Trading & Refining division. However, the gross margin decreased from 7.7% in 2022 to 3.3% in 2023.

The operating result showed a loss of 432,000 euros, compared to a loss of 55,000 euros in 2022, and the net loss stood at 408,000 euros. This deterioration is attributed to difficult market conditions in Colombia and an unfavorable euro against the dollar. The company has particularly suffered from competition from informal markets in Colombia, influenced by recent political developments.

On the balance sheet side, shareholders' equity amounted to 2.9 million euros as of December 31, 2023, while inventories and customer receivables increased, reflecting an increase in activity towards the end of the year. Available cash amounted to 0.7 million euros.

In perspective, Gold by Gold plans to concentrate its efforts on its gold trading activity from Colombia until 2024, while continuing to optimize its costs and preserve its financial balances.