Multi Ways Holdings Ltd. has announced its financial results for fiscal year 2024, reporting a decrease in total revenue by approximately $4.9 million, or 13.7%, to $31.1 million compared to the previous year's $36.0 million. This decline was primarily driven by reduced demand in the company's equipment sales business. Despite the decrease in revenue, the company's gross profit rose to $9.7 million from $8.7 million, with an improvement in gross profit margins from 24.0% in 2023 to 31.3% in 2024. This enhancement was attributed to a strategic focus on higher-margin business segments and improved cost management. The company experienced a net loss of $2.9 million for the year ended December 31, 2024, contrasting with a net income of $1.8 million in 2023. The loss was mainly due to lower revenue, increased selling and distribution expenses, as well as share-based compensation expenses. Selling and distribution expenses increased to $1.7 million, up from $1.0 million in the previous year. Multi Ways Holdings Ltd. continues to focus on fleet renewal and expansion to meet client needs, maintaining its position as a reliable provider of heavy construction equipment in Singapore and the surrounding region.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Multi Ways Holdings Ltd. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001641172-25-015259), on June 16, 2025, and is solely responsible for the information contained therein.
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