Multi Ways Holdings Reports Robust Financial Performance in Fiscal Year 2023 Results
16 5월 2024 - 8:00PM
Multi Ways Holdings Limited (“Multi Ways” or the “Company”) (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 2023 financial
results.
"We are pleased to report on the strategic
advancements Multi Ways Holdings Limited has achieved since our IPO
a year ago," said Mr. James Lim, Chairman and Chief Executive
Officer of Multi Ways Holdings Limited. "Our recent acquisition of
cutting-edge SANY equipment and the formation of strategic
partnerships underscore our commitment to delivering superior
solutions to our customers across the region. With over two decades
of industry experience, we have established ourselves as a reliable
and trusted provider of heavy construction equipment.”
“Despite a decrease in revenue, our focus on
cost management and fleet optimization has resulted in improved net
income and a strengthened financial position. The significant
enhancement in our cash flows and working capital demonstrates our
resilience and adaptability.”
“Looking ahead, we are committed to maintaining
our role as a comprehensive provider for heavy construction
equipment needs. 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. We remain focused on delivering
exceptional value to our shareholders, customers, and the broader
community, positioning Multi Ways for continued success in the
competitive landscape," concluded Mr. Lim.
Fiscal Year 2023 Financial
Highlights
- Our total revenue decreased by
approximately $2.3 million or approximately 6.1% to approximately
$36.0 million for the year ended December 31, 2023 from
approximately $38.4 million for the year ended December 31, 2022.
The decrease was mainly attributable to the decrease demand in our
equipment sales of approximately $7.5 million because of decrease
in overseas demand.
- Our cost of revenues decreased by
approximately $1.3 million or approximately 4.4% to approximately
$27.4 million for the financial year ended December 31, 2023 from
approximately $28.6 million for the financial year ended December
31, 2022. Such decrease was mainly attributable to the decrease
cost of revenues for the demand in our equipment sales of
approximately $1.5 million and offset the increase in Services of
approximately $0.3 million in 2023.
- Our total gross profit amounted to
$8.7 million and $9.7 million for fiscal years ended December 31,
2023 and 2022, respectively. Our overall gross profit margins were
approximately 24.0% and approximately 25.4% for fiscal years ended
December 31, 2023 and 2022, respectively. Our total gross profit
decrease was generally due to the lower profit margin through
diversified purchasing networks from across various countries.
- 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 $1.0 million and
approximately $1.5 million for the fiscal years ended December 31,
2023 and 2022, respectively, representing approximately 2.6% and
approximately 3.9% of our total revenue for the corresponding
years.
- Administrative expenses were
approximately $10.8 million and approximately $6.7 million for the
years ended December 31, 2023 and 2022, respectively, representing
approximately 29.9% and approximately 17.6% of our total revenue
for the corresponding financial years.
- Staff costs mainly represented the
salaries, employee benefits and retirement benefit costs to our
employees, directors’ remuneration and directors’ fees. Our staff
costs were $4.8 million and $3.9 million for the fiscal years ended
December 31, 2023 and 2022, respectively.
- Net income amounted to $1.8 million
and approximately $1.0 million for the fiscal years ended December
31, 2023 and 2022, respectively.
Cash Flows Summary
- Cash and cash equivalents were
approximately $7.1 million as of December 31, 2023, compared to
approximately $1.0 million as of December 31, 2022.
- Cash provided by operating
activities was approximately $0.06 million for the fiscal year
ended December 31, 2023, compared to approximately $0.9 million for
the fiscal year ended December 31, 2022
- Cash generated from investing
activities was approximately $6.8 million for the fiscal year ended
December 31, 2023, primarily consisting of the purchases of
property, plant and equipment of approximately $2.0 million; the
investment in equity securities of $2.2 million and offset by the
proceeds from disposal of property and equipment of approximately
$10.9 million and investment in financial assets available for
sales of approximately $0.1 million. This compares to net cash used
in investing activities of approximately $1.1 million for the
fiscal year ended December 31, 2022.
- Cash used in financing activities
for the fiscal year ended December 31, 2023 was $0.9 million, which
mainly consisted of bank loan repayment of $7.4 million; the
repayment of lease liabilities of $6.4 million; the payment of
dividend of $10.5 million; loan from director of $9.9 million and
proceeds from share issuance net of deferred offering costs of
$13.5 million. This compares to cash used in financing activities
of $0.3 million for the fiscal year ended December 31, 2022.
Balance Sheet Summary
- Total assets were approximately
$58.0 million, and total liabilities were approximately $36.2
million at December 31, 2023.
- Working capital was approximately
$20.9 million at December 31, 2023, versus approximately $2.9
million at December 31, 2022.
- Shareholders’ equity was
approximately $21.8 million at December 31, 2023, as compared to
approximately $6.3 million at December 31, 2022.
About Multi Ways Holdings
Limited Multi 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 www.multiwaysholdings.com.
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, LLC Tel: 347-947-2093Email:
matthew@strategic-ir.com
*** tables follow ***
|
MULTI WAYS HOLDINGS LIMITED AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Currency expressed in United States Dollars
(“US$”)) |
|
|
|
|
|
|
|
As of December 31, |
|
|
2023 |
|
2022 |
|
|
|
$’000 |
|
|
|
$’000 |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
7,073 |
|
|
|
1,003 |
|
Accounts receivable, net |
|
|
5,341 |
|
|
|
8,021 |
|
Inventories |
|
|
36,692 |
|
|
|
31,442 |
|
Amounts due from related
parties |
|
|
1,068 |
|
|
|
50 |
|
Financial assets available for
sales |
|
|
242 |
|
|
|
325 |
|
Deposits, prepayments and
other receivables |
|
|
1,965 |
|
|
|
3,230 |
|
Total current assets |
|
|
52,381 |
|
|
|
44,071 |
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
1,817 |
|
|
|
7,218 |
|
Right-of-use assets |
|
|
1,592 |
|
|
|
1,489 |
|
Investment in equity
securities |
|
|
2,200 |
|
|
|
- |
|
Deferred tax assets |
|
|
11 |
|
|
|
8 |
|
Total non-current assets |
|
|
5,620 |
|
|
|
8,715 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
|
58,001 |
|
|
|
52,786 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued
liabilities |
|
|
4,758 |
|
|
|
4,781 |
|
Customer deposits |
|
|
3,238 |
|
|
|
5,884 |
|
Amounts due to related
parties |
|
|
15,099 |
|
|
|
17,167 |
|
Bank borrowings |
|
|
4,588 |
|
|
|
8,862 |
|
Lease liabilities |
|
|
3,482 |
|
|
|
3,484 |
|
Income tax payable |
|
|
313 |
|
|
|
1,007 |
|
Total current liabilities |
|
|
31,478 |
|
|
|
41,185 |
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Bank borrowings |
|
|
431 |
|
|
|
3,175 |
|
Lease liabilities |
|
|
4,265 |
|
|
|
2,114 |
|
Total long-term
liabilities |
|
|
4,696 |
|
|
|
5,289 |
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES |
|
|
36,174 |
|
|
|
46,474 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Ordinary share, par value
US$0.00025, 400,000,000 shares authorized, 30,840,000 and
24,800,000 ordinary shares issued and outstanding as of December
31, 2023 and 2022, respectively |
|
|
8 |
|
|
|
6 |
|
Additional paid-in
capital |
|
|
18,945 |
|
|
|
5,440 |
|
Retained earnings |
|
|
3,024 |
|
|
|
1,235 |
|
Non-controlling interest |
|
|
- |
|
|
|
50 |
|
Accumulated other
comprehensive loss |
|
|
(150 |
) |
|
|
(419 |
) |
Total shareholders’
equity |
|
|
21,827 |
|
|
|
6,312 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
58,001 |
|
|
|
52,786 |
|
MULTI WAYS
HOLDINGS LIMITED AND SUBSIDIARIESCONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME(Currency expressed in United States Dollars
(“US$”)) |
|
|
|
Financial Years ended December 31, |
|
|
2023 |
|
2022 |
|
2021 |
|
|
|
$’000 |
|
|
|
$’000 |
|
|
|
$’000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, net |
|
|
36,016 |
|
|
|
38,359 |
|
|
|
33,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
(27,366 |
) |
|
|
(28,617 |
) |
|
|
(24,049 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
8,650 |
|
|
|
9,742 |
|
|
|
9,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling and distribution |
|
|
(952 |
) |
|
|
(1,502 |
) |
|
|
(1,114 |
) |
General and
administrative |
|
|
(10,776 |
) |
|
|
(6,745 |
) |
|
|
(6,609 |
) |
Total operating cost and
expenses |
|
|
(11,728 |
) |
|
|
(8,247 |
) |
|
|
(7,723 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(Loss) from
operations |
|
|
(3,078 |
) |
|
|
1,495 |
|
|
|
1,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Gain on early termination on
lease liability |
|
|
113 |
|
|
|
- |
|
|
|
- |
|
Gain from disposal of plant
and equipment |
|
|
5,048 |
|
|
|
2 |
|
|
|
305 |
|
Interest income |
|
|
57 |
|
|
|
* |
|
|
|
19 |
|
Interest expense |
|
|
(1,105 |
) |
|
|
(748 |
) |
|
|
(716 |
) |
Dividend income |
|
|
16 |
|
|
|
7 |
|
|
|
- |
|
Government grant |
|
|
22 |
|
|
|
81 |
|
|
|
109 |
|
Foreign exchange (loss) gain,
net |
|
|
(43 |
) |
|
|
(93 |
) |
|
|
(44 |
) |
Other income |
|
|
656 |
|
|
|
813 |
|
|
|
724 |
|
Total other income, net |
|
|
4,764 |
|
|
|
62 |
|
|
|
397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
1,686 |
|
|
|
1,557 |
|
|
|
2,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
|
53 |
|
|
|
(529 |
) |
|
|
(230 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME |
|
|
1,739 |
|
|
|
1,028 |
|
|
|
1,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable
to non-controlling interest |
|
|
50 |
|
|
|
(50 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
ATTRIBUTABLE TO EQUITY HOLDER OF THE COMPANY |
|
|
1,789 |
|
|
|
978 |
|
|
|
1,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
0.06 |
|
|
|
0.04 |
|
|
|
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
ordinary shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted (‘000) |
|
|
29,284 |
|
|
|
24,800 |
|
|
|
24,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
ATTRIBUTABLE TO EQUITY HOLDER OF THE COMPANY |
|
|
1,789 |
|
|
|
978 |
|
|
|
1,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment |
|
|
269 |
|
|
|
(74 |
) |
|
|
(345 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
INCOME |
|
|
2,058 |
|
|
|
904 |
|
|
|
1,456 |
|
|
* This
figure is immaterial |
MULTI WAYS HOLDINGS LIMITED AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(Currency expressed in United States Dollars
(“US$”)) |
|
|
|
|
|
|
|
|
|
Financial Years ended December 31, |
|
|
2023 |
|
2022 |
|
2021 |
|
|
|
$’000 |
|
|
|
$’000 |
|
|
|
$’000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income before tax |
|
|
1,686 |
|
|
|
1,557 |
|
|
|
2,031 |
|
Adjustments to reconcile net
income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of property and
equipment |
|
|
907 |
|
|
|
800 |
|
|
|
822 |
|
Depreciation of right-of-use
assets |
|
|
866 |
|
|
|
828 |
|
|
|
775 |
|
Inventories written down |
|
|
452 |
|
|
|
- |
|
|
|
1,508 |
|
Written off of advance to
suppliers |
|
|
956 |
|
|
|
- |
|
|
|
- |
|
Gain on disposal of property
and equipment |
|
|
(5,048 |
) |
|
|
(2 |
) |
|
|
(305 |
) |
Gain on early termination on
lease liability |
|
|
(113 |
) |
|
|
- |
|
|
|
- |
|
Provision (reversal) of
impairment of trade receivables |
|
|
145 |
|
|
|
193 |
|
|
|
(110 |
) |
Loss on revaluation of quoted
share |
|
|
22 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in operating assets and
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,763 |
|
|
|
(2,644 |
) |
|
|
710 |
|
Inventories |
|
|
3,631 |
|
|
|
940 |
|
|
|
(2,757 |
) |
Deposits, prepayments and
other receivables |
|
|
408 |
|
|
|
1,702 |
|
|
|
(1,900 |
) |
Accounts payable and accrued
liabilities |
|
|
(2,119 |
) |
|
|
1,964 |
|
|
|
(1,329 |
) |
Customer deposits |
|
|
(2,826 |
) |
|
|
(4,387 |
) |
|
|
5,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax payable |
|
|
(675 |
) |
|
|
(41 |
) |
|
|
388 |
|
Net cash provided by operating
activities |
|
|
55 |
|
|
|
910 |
|
|
|
5,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and
equipment |
|
|
(1,955 |
) |
|
|
(817 |
) |
|
|
- |
|
Proceeds from disposal of
property and equipment |
|
|
10,894 |
|
|
|
2 |
|
|
|
343 |
|
Investment in equity
securities |
|
|
(2,200 |
) |
|
|
- |
|
|
|
- |
|
Proceeds from/ (investment in)
financial assets available for sales |
|
|
71 |
|
|
|
(325 |
) |
|
|
- |
|
Net cash generated from (used
in) investing activities |
|
|
6,810 |
|
|
|
(1,140 |
) |
|
|
343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of bank
borrowings |
|
|
(7,369 |
) |
|
|
(105 |
) |
|
|
(3,712 |
) |
Repayment of lease
liabilities |
|
|
(6,369 |
) |
|
|
(114 |
) |
|
|
(1,046 |
) |
Proceeds from shares issuance
net of deferred offering costs |
|
|
13,506 |
|
|
|
- |
|
|
|
- |
|
Payment of dividends |
|
|
(10,524 |
) |
|
|
(77 |
) |
|
|
- |
|
Loan from director |
|
|
9,881 |
|
|
|
- |
|
|
|
- |
|
Net cash used in financing
activities |
|
|
(875 |
) |
|
|
(296 |
) |
|
|
(4,758 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect on exchange rate change
on cash and cash equivalents |
|
|
80 |
|
|
|
(4 |
) |
|
|
(7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and
cash equivalent |
|
|
6,070 |
|
|
|
(530 |
) |
|
|
1,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BEGINNING OF
YEAR |
|
|
1,003 |
|
|
|
1,533 |
|
|
|
325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
END OF
YEAR |
|
|
7,073 |
|
|
|
1,003 |
|
|
|
1,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW
INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash (paid) refund for income
taxes |
|
|
(675 |
) |
|
|
(40 |
) |
|
|
158 |
|
Cash paid for interest |
|
|
1,051 |
|
|
|
748 |
|
|
|
717 |
|
Multi Ways (AMEX:MWG)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
Multi Ways (AMEX:MWG)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024