Multi Ways Holdings reported improved gross profit margin and net income, remains optimistic about future.

From GlobeNewswire: 2024-12-31 16:30:00

Multi Ways Holdings Limited reported first half 2024 unaudited financial results. Despite a marginal decrease in net revenue, the company’s gross profit margin improved to 33.09%. Net income improved, primarily due to non-recurring fees from the initial public offering exercise in 2023. The company remains optimistic about the future, with major infrastructure projects starting in 2025. Cash and cash equivalents were $3.66 million as of June 30, 2024. Cash used in operating activities increased to $8.03 million, while cash used in investing activities decreased to $0.18 million. Cash provided by financing activities was $5.22 million.

Multi Ways Holdings Limited supplies heavy construction equipment for sales and rental in Singapore and the surrounding region. With over two decades of experience, the company is known for being a reliable supplier of new and used heavy construction equipment. They serve customers in Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. The company offers a wide variety of heavy construction equipment in their inventory and provides equipment refurbishment and cleaning services. Multi Ways aims to be a one-stop shop for customers.

The press release contains forward-looking statements related to financial performance, growth, revenue, earnings, business prospects, and opportunities. It is advised to consider various factors, such as the company’s ability to adapt to market needs and competition. Actual results may differ from forward-looking statements due to risks, uncertainties, and assumptions. The company is not obligated to update or revise forward-looking statements. For investor relations, contact Matthew Abenante at Strategic Investor Relations, LLC.



Read more at GlobeNewswire: Multi Ways Holdings Announces First Half 2024 Unaudited