YY Group Holding Limited reported strong financial results with revenue and profit increases, expansion in Australia and Vietnam

From Globe Newswire: 2024-09-10 08:30:00

YY Group Holding Limited (NASDAQ: YYGH) announced its financial results for the first half of 2024, reporting a 41.0% increase in total revenues to $19,259,492 and a 32.8% increase in gross profit to $2,377,674. The YY App saw a 33.8% growth in downloads and a 43.2% growth in active users.

Following a successful IPO, YY Group expanded into Australia and Vietnam. In Australia, YY Circle (AU) Pty Ltd became a majority-owned subsidiary, while in Vietnam, YY Circle (VN) Company Limited was incorporated, majority-owned by YY Circle (SG).

As of June 30, 2024, YY Group Holding had $1,078,169 in cash and reported a net cash used in operating activities of $2,649,324 for the first half of 2024. The company cited increased operating expenses, marketing expenditures, and reduced use of AR factoring as key factors contributing to the movement in operating activities.

YY Group Holding is a data and technology-driven provider of staffing solutions for the hotel and hospitality industry. The company operates across Singapore, Malaysia, and Thailand, offering cutting-edge solutions to job seekers, employers, and businesses. They aim to revolutionize industries and connect talent with opportunity.



Read more at Globe Newswire:: YY Group Holding Limited Announces Unaudited First Half