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Yahoo
4 days ago
- Business
- Yahoo
Multi Ways Holdings Reports Financial Results for Fiscal Year 2024
SINGAPORE, May 27, 2025 (GLOBE NEWSWIRE) -- Multi Ways Holdings Limited ('Multi Ways', the 'Company' or the 'Issuer') (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced fiscal year 2024 financial results. "We are pleased to report on the strategic advancements Multi Ways Holdings Limited has achieved over the past year," said Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways Holdings Limited. "Our ongoing fleet renewal and expansion initiatives are designed to meet the evolving requirements of our clients, ensuring they have access to the most advanced and dependable machinery available. With over two decades of industry experience, we have established ourselves as a reliable and trusted provider of heavy construction equipment." "Despite the challenges in the market that have impacted our revenue and profitability this year, we remain focused on our long-term strategic objectives. Our commitment to operational efficiency, cost management, and fleet optimization continues to be a priority as we navigate the current business environment." "Looking ahead, we are committed to maintaining our role as a comprehensive provider for heavy construction equipment needs. We continue to explore opportunities for growth and diversification while strengthening our core business. We remain focused on delivering exceptional value to our shareholders, customers, and the broader community, positioning Multi Ways for future success in the competitive landscape," concluded Mr. Lim. Fiscal Year 2024 Financial HighlightsOur total revenue decreased by approximately $4.9 million or approximately 13.7% to approximately $31.1 million for the year ended December 31, 2024 from approximately $36.0 million for the year ended December 31, 2023. The decrease was mainly attributable to reduced demand in our equipment sales business. Our cost of revenues decreased by approximately $6.0 million or approximately 22.0% to approximately $21.4 million for the financial year ended December 31, 2024 from approximately $27.4 million for the financial year ended December 31, 2023. This decrease was primarily aligned with the reduction in equipment sales volume. Our total gross profit amounted to $9.7 million and $8.7 million for fiscal years ended December 31, 2024 and 2023, respectively. Our overall gross profit margins improved to approximately 31.3% for fiscal year ended December 31, 2024 from approximately 24.0% for fiscal year ended December 31, 2023. The improvement in gross profit margin was primarily due to our strategic focus on higher-margin business segments and improved cost management. Selling and distribution expenses mainly included promotion and marketing expenses and transportation expenses for inbound and outbound shipments. Our selling and distribution expenses were approximately $1.7 million and approximately $1.0 million for the fiscal years ended December 31, 2024 and 2023, respectively, representing approximately 5.5% and approximately 2.6% of our total revenue for the corresponding years. Administrative expenses were approximately $8.7 million and approximately $10.8 million for the years ended December 31, 2024 and 2023, respectively, representing approximately 28.1% and approximately 29.9% of our total revenue for the corresponding financial years. The Company recorded share-based compensation expenses of approximately $1.2 million for the fiscal year ended December 31, 2024, with no comparable expenses in the prior year. Net loss amounted to $2.9 million for the fiscal year ended December 31, 2024, compared to net income of approximately $1.8 million for the fiscal year ended December 31, 2023. The decrease was primarily due to lower revenue, increased selling and distribution expenses, and share-based compensation expenses, partially offset by reduced administrative expenses and cost of sales. Cash Flows SummaryCash and cash equivalents were approximately $3.3 million as of December 31, 2024, compared to approximately $7.1 million as of December 31, 2023. Cash used in operating activities for the fiscal year ended December 31, 2024 was impacted by the net loss of $2.9 million, compared to cash provided by operating activities of approximately $0.06 million for the fiscal year ended December 31, 2023. Cash used in investing activities for the fiscal year ended December 31, 2024 was primarily related to capital expenditures and investments, compared to cash generated from investing activities of approximately $6.8 million for the fiscal year ended December 31, 2023, which had included proceeds from disposal of property and equipment of approximately $10.9 million. Cash provided by financing activities for the fiscal year ended December 31, 2024 included proceeds from bank borrowings, partially offset by repayments of lease liabilities and existing loans. Balance Sheet SummaryTotal assets were approximately $69.6 million, and total liabilities were approximately $49.5 million at December 31, 2024, compared to total assets of approximately $58.0 million and total liabilities of approximately $36.2 million at December 31, 2023. Working capital was approximately $20.2 million at December 31, 2024, versus approximately $20.9 million at December 31, 2023. Shareholders' equity was approximately $20.1 million at December 31, 2024, as compared to approximately $21.8 million at December 31, 2023. About Multi Ways Holdings LimitedMulti Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit Safe Harbor StatementThis press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as 'may,' 'should,' 'expects,' 'anticipates,' 'contemplates,' 'estimates,' 'believes,' 'plans,' 'projected,' 'predicts,' 'potential,' or 'hopes' or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur. Investor Relations Contact:Matthew Abenante, IRCPresidentStrategic Investor Relations, LLCTel: 347-947-2093Email: matthew@ in to access your portfolio
Web Release
23-03-2025
- Business
- Web Release
DARIA bond II smartphone set to be floated in second quarter this year
Multi Ways International will all set to launch DARIA bond II smartphone during the second quarter of 2025. An inspiring video has already being displayed on Times Square's digital billboards in New York ahead of the mega launch, marking a major milestone for the brand's global visibility. The product was floated via a video display on Times Square's digital billboards, showcasing Multi Ways' innovative marketing approach. The high-impact video is designed to capture global attention, highlighting the sleek design and advanced technology of the DARIA bond ll smartphone. This launch strategy not only demonstrates Multi Ways' commitment to innovation but also sets the stage for a strong market entry. Halil Chaglar, CEO, Multi Ways International, reveals that DARIA bond ll smartphone is packed with impressive and incredible specifications. The phone is a technological marvel, combining cutting-edge features such as a 50MP camera, Dimensity 8350 processor, and AI-powered enhancements to provide an all-around seamless, high-performance experience. 'It offers an unparalleled advantage to gamers, boasting a large display and advanced processor that ensure smooth and immersive game play.' He added that following the Times Square launch, Multi Ways plans to introduce the DARIA bond ll smartphone to the Dubai market soon. This move is part of their strategy for international growth and will expand the reach of their innovative product to new regions. By targeting Dubai, a hub for technology and innovation, Multi Ways aims to establish a strong presence in the Middle East and tap into a market that values cutting-edge mobile technology. Additionally, DARIA exclusively offers the ENTERTAINER with their phone, which can be obtained for free within 24 hours of activating the DARIA Wallet. This exclusive feature provides users with access to a wealth of entertainment options, further enhancing the overall user experience. He noted that DARIA bond ll smartphone is crafted to perfection, combining sleek transparency with an intricate dotted pattern beneath the glass. This layered craftsmanship adds a captivating depth, offering a tactile experience that enhances both the aesthetic and feel of the device. 'The aluminum alloy midframe provides lightweight strength and a premium feel, while the 1.7mm bezel creates a nearly edge-to-edge display for an immersive visual experience.' 'The DARIA bond ll smartphone has also been recognized with several prestigious awards, including the London Design Awards (Gold Winner), European Design Awards (Winner), IDA Design Awards (Bronze Winner), and Asia Design Prize (Winner), underscoring its excellence in design and innovation. The DARIA bond ll smartphone has also been recognized with the prestigious iF Design Award, underscoring its excellence in design and innovation. 'The DARIA bond ll smartphone is a game-changing product that combines advanced technology with a sleek design. Whether you're a tech enthusiast, a gamer seeking the ultimate experience, or someone looking for a high-performance smartphone, the DARIA bond ll smartphone has something for everyone. Stay tuned for its upcoming release at where it will soon be available in Dubai and other regions. This is your chance to be among the first to experience the next level of mobile technology with the DARIA bond ll smartphone.' Chaglar concluded.
