YEREVAN, June 23. /ARKA/. Armenian investment company Armbrok earned 4.5 billion drams (about $11.6 mln) in net profit in the first quarter of this year, according to its statements. Net commission income totaled 2.9 billion drams (about $ 7.5 million), compared to only 33 million drams (about $85,500) earned over the same period in 2022, reports forbes.ru.

Frank Media reports that last year’s earnings of the company were quite modest, with net losses of 20 million drams (about $ 51.8 thousand) in the first quarter of 2022.

The indexes of the investment company have considerably improved since the summer. Last year, in July-August, its e profit saw a sharp rise reaching 1.3 billion AMD ($3.4 million), 17 times more than in the second quarter.

The investment company said the relocation of tens of thousands of foreigners to Armenia, "especially those from Russia," gave a strong push to business development. The company admits that thanks to the knowledge, experience and connections of "experienced non-resident traders," it got "access to new markets and new types of trading activities."

According to the Central Bank of Armenia, individual remittances sent to Armenia from abroad through the banks in the 1st quarter of 2023 amounted to about $1.6 bln with a 3-fold increase compared to the same period last year.

Money transfers from Russia in the first three months of this year totaled $1.2 bln against about $239 mln in the same period last year, a more than fivefold increase.

Armbrok OJSC was founded in 1994. It was registered and licensed by the Central Bank of Armenia as an investment company in 2008. It is a full member of Armenian Securities Exchange and Unified Securities Settlement System. -0-