Bitkub Online (BO), the owner of Bitkub Exchange, Thailand's leading cryptocurrency platform, reported a 48% year-on-year decline in revenue last year as the crypto market plunged.
The total investments of its clients decreased 65% from a year earlier.
According to a financial statement released on the company's website, BO reported a net profit of 341 million baht in 2022, down 86% from the previous year.
The total investment made by its customers tallied 30.5 billion baht, representing a drop of 65% from 87.2 billion baht the year before.
The company's revenue last year was 2.85 billion baht, including 2.82 billion in fees and service revenues, a decrease of 45% from 2021.
In 2021, the company's revenue was 5.51 billion baht, of which 5.17 billion came from fees and service income.
Most revenue from fees and services comprises three components -- trading fees, transaction fees and listing fees -- while other income is generated by interest income, along with profits or losses generated by sales of digital assets.
Residual fee income was 39.7 million baht in 2022, down from 41.9 million in 2021, according to a company statement.
The company has unearned income of 81.6 million baht from receiving KUB digital assets from a fee credit exchange event to be used in lieu of digital asset trading fees at the company's trading centre within a period of two years from the date of a successful transaction.
Customers receive a bonus as an additional fee credit, according to the conditions specified in the contract.
BO's asset value was 32 billion baht in 2022, a decrease of 57.9 billion baht or 64.4% from the year before.
The reduction was mainly attributed to the decrease in deposits and digital assets of customers, which dropped to 30.5 billion baht at the end of last year.
Licensed by the Securities and Exchange Commission, BO is the largest cryptocurrency exchange in Thailand.
Established in 2016, BO has registered capital of 50 million baht and is 99.9% owned by Bitkub Capital Group Holdings.