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Multi Ways Holdings Reports Robust Financial Performance in Fiscal Year 2023 Results
MWGMulti Ways (MWG) globenewswire.com·2024-05-16 11:00

Core Viewpoint - Multi Ways Holdings Limited reported a decrease in total revenue for fiscal year 2023, primarily due to reduced demand for equipment sales, but improved net income and cash flows indicate a strengthened financial position and resilience in operations [2][3][8]. Financial Performance - Total revenue decreased by approximately 2.3millionor6.12.3 million or 6.1% to approximately 36.0 million for the year ended December 31, 2023, down from approximately 38.4millionin2022[3].−Costofrevenuesdecreasedbyapproximately38.4 million in 2022 [3]. - Cost of revenues decreased by approximately 1.3 million or 4.4% to approximately 27.4millionin2023,attributedtolowerdemandinequipmentsales[4].−Grossprofitamountedto27.4 million in 2023, attributed to lower demand in equipment sales [4]. - Gross profit amounted to 8.7 million in 2023, down from 9.7millionin2022,withgrossprofitmarginsatapproximately24.09.7 million in 2022, with gross profit margins at approximately 24.0% compared to 25.4% in the previous year [5]. - Selling and distribution expenses were approximately 1.0 million in 2023, representing 2.6% of total revenue, down from approximately 1.5millionor3.91.5 million or 3.9% in 2022 [6]. - Administrative expenses increased to approximately 10.8 million in 2023, representing 29.9% of total revenue, compared to approximately 6.7millionor17.66.7 million or 17.6% in 2022 [7]. - Net income for 2023 was approximately 1.8 million, up from approximately 1.0millionin2022[8].CashFlowandBalanceSheet−Cashandcashequivalentsincreasedtoapproximately1.0 million in 2022 [8]. Cash Flow and Balance Sheet - Cash and cash equivalents increased to approximately 7.1 million as of December 31, 2023, compared to approximately 1.0millionin2022[8].−Cashprovidedbyoperatingactivitieswasapproximately1.0 million in 2022 [8]. - Cash provided by operating activities was approximately 0.06 million in 2023, down from approximately 0.9millionin2022[9].−Cashgeneratedfrominvestingactivitieswasapproximately0.9 million in 2022 [9]. - Cash generated from investing activities was approximately 6.8 million in 2023, primarily from the disposal of property and equipment [9]. - Total assets were approximately 58.0million,withtotalliabilitiesatapproximately58.0 million, with total liabilities at approximately 36.2 million as of December 31, 2023 [11]. - Working capital improved significantly to approximately 20.9millionin2023,comparedtoapproximately20.9 million in 2023, compared to approximately 2.9 million in 2022 [11]. Strategic Initiatives - The company has made strategic advancements, including the acquisition of SANY equipment and the formation of partnerships to enhance service offerings [2]. - Ongoing fleet renewal and expansion initiatives are aimed at meeting evolving client requirements [2].