EX-99.1 2 ex99-1.htm EX-99.1

 

Multi Ways Holdings Limited.   Exhibit 99.1
     
First Half of Fiscal Year 2025   For the six months ended June 30, 2025

 

 

Multi Ways Holdings Limited announces revenue of $26.4 Million for the First Half of Fiscal Year 2025

 

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 its unaudited financial results for the six months ended June 30, 2025.

 

Financial Highlights for the First Half of Fiscal Year 2025

 

   For the Six Months Ended June 30, 
($ millions, except per share data)  2025   2024   % Change 
Revenue  $26.44   $14.09    87.65%
Gross profit  $6.63   $4.66    42.27%
Gross profit margin   25.08%   33.07%   -24.16%
Income/(Loss) from operations  $1.70   $0.54    214.81%
Operating profit margin   6.43%   3.83%   67.89%
Net income/(Loss)  $0.90   $0.08    1,025.00%
Basic & Diluted earnings per share($ cents)   2.71    0.25    984.34%
Net book value per share  $0.65   $0.70    -7.14%

 

●Revenue increased 87.65% to approximately $26.44 million for the six months ended June 30, 2025, from approximately $14.09 million for the six months ended June 30, 2024. The increase was mainly attributable to strong demand on equipment sales.

 

●Gross profit increased by 42.27% to approximately $6.63 million for the six months ended June 30, 2025, from approximately $4.66 million for the six months ended June 30, 2024. Gross profit margin was 25.08% for the six months ended June 30, 2025, compared to 33.07% for the six months ended June 30, 2024. The increased of gross profit was primarily attributable to higher revenue generated from equipment sales segment.

 

●Income from operations were approximately $1.70 million for the six months ended June 30, 2025, compared to Income from operations of approximately $0.54 million for the six months ended June 30, 2024. The operating profit margin was 6.43% for the six months ended June 30, 2025, compared to operating profit margin of 3.83% for the six months ended June 30, 2024. The increase of operating profit margin was primarily attributable to the higher gross profit contributed from equipment sales segment.

 

●Net Income was approximately $0.90 million for the six months ended June 30, 2025, compared to net Income of approximately $0.08 million for the six months ended June 30, 2024.

 

●Net book value per share was $0.65 as of June 30, 2025, compared to $0.70 as of June 30, 2024.

 

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Multi Ways Holdings Limited.  
     
First Half of Fiscal Year 2025   For the six months ended June 30, 2025

 

 

Financial Results for the First Half of Fiscal Year 2025

 

Revenue

 

Revenue increased of approximately $12.35 million or 87.65% to approximately $26.44 million for the six months ended June 30, 2025 from approximately $14.09 million for the six months ended June 30, 2024. The increase was largely attributable to strong demand on equipment sales for the six months ended June 30, 2025.

 

Gross Profit

 

Our gross profit increased by approximately $1.97 million, or 42.27%, to approximately $6.63 million for the six months ended June 30, 2025 from approximately $4.66 million for the six months ended June 30, 2024. Gross profit margin was 25.08% for the six months ended June 30, 2025, as compared to 33.07% for the six months ended June 30, 2024. The increased of gross profit with lower margin was primarily attributable to sales mix associated with the higher contribution from lower-margin equipment products.

 

Selling and Distribution Expenses

 

Total selling and distribution expenses was approximately $1.21 million for the six months ended June 30, 2025, compared to approximately $0.73 million for the six months ended June 30, 2024. Selling and distribution expenses increased by approximately $0.48 million or 65.75%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was mainly attributable to the higher transportation fee incurred in tandem with higher revenue.

 

General and Administrative expenses

 

Total general and administrative expenses was approximately $3.71 million for the six months ended June 30, 2025, compared to approximately $3.39 million for the six months ended June 30, 2024. General and administrative expenses increased by approximately $0.32 million or 9.44% for the six months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to labour costs incurred on transportation of equipment in line with higher revenue.

 

Income/(loss) from Operations

 

As a result of the factors described above, total operating income was approximately $1.70 million for the six months ended June 30, 2025, compared to operating income of approximately $0.54 million for the six months ended June 30, 2024.

 

Other Income (Expenses)

 

Total other expenses, net, were approximately $0.75 million for the six months ended June 30, 2025, compared to other expenses of approximately $0.46 million for the six months ended June 30, 2024. Other expenses increased by approximately $0.29 million or 63.04%, during the six months ended June 30,2025. The increase of other expenses was primarily attributable to the higher interest expenses incurred.

 

Net Income (loss) before income taxes

 

As a result of the factors described above, net income before income taxes was approximately $0.95 million for the six months ended June 30, 2025, compared to net income before income taxes of approximately $0.08 million for the six months ended June 30, 2024.

  

Financial Condition as of June 30, 2025

 

As of June 30, 2025, cash and cash equivalents, restricted cash and short-term investments totalled $1.21 million, compared to $3.30 million as of December 31, 2024. Short-term bank borrowings were $9.74 million as of June 30, 2025, compared to $12.64 million as of December 31, 2024.

 

Accounts receivable was $7.34 million as of June 30, 2025, compared to $6.18 million as of December 31, 2024. Inventories were $44.65 million as of June 30, 2025, compared to $45.10 million as of December 31, 2024. Accounts payables and accrued liabilities were $6.39 million as of June 30, 2025, compared to $6.94 million as of December 31, 2024.

 

Total current assets and current liabilities were $58.99 million and $38.31 million, respectively, leading to a current ratio of 1.54 as of June 30, 2025. This compared to total current assets and current liabilities were $65.00 million and $44.80 million, respectively, and current ratio of 1.45 as of December 31, 2024.

 

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Multi Ways Holdings Limited.  
     
First Half of Fiscal Year 2025   For the six months ended June 30, 2025

 

 

Cashflows for the First Half of Fiscal Year 2025

 

Cash flows from operating activities

 

For the financial period ended June 30, 2025, our net cash generated from operating activities was approximately $5.39 million, which primarily consisted of our net income before income tax of approximately $0.95 million, adding back (i) non-cash depreciation of property, plant and equipment and right-of-use assets of approximately $0.58 million; (ii) interest expenses approximately $0.94 million; (iii) decrease in inventories of approximately $2.37 million; (iv) decreased in deposits, prepayments and other receivables of approximately $5.03 million but partially offset by (a) increase in accounts receivables of approximately $0.91 million; (b) decrease of account payables and accrued liabilities of approximately $0.28 million and (c) the decrease on customers deposits of approximately $3.28 million.

 

Cash flows from investing activities

 

For the financial period ended June 30, 2025, our net cash used in investing activities was approximately $0.20 million, primarily attributable to the purchases of property, plant and equipment of approximately $0.17 million and the investment in financial assets available for sales of approximately $0.03 million.

 

Cash flows from financing activities

 

For the financial period ended June 30, 2025, our net cash used in financing activities of approximately $7.14 million, which mainly attributable to the repayment of bank borrowings of approximately $22.17 million; repayment of lease liabilities of approximately $4.58 million and interest payments of approximately $0.59 million, but mitigate by proceeds from bank borrowings of approximately $18.78 million and proceeds from lease liabilities of approximately $1.42 million.

 

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Multi Ways Holdings Limited  
     
First Half of Fiscal Year 2025   For the six months ended June 30, 2025

 

 

MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE INCOME

(Currency expressed in United States Dollars (“US$”))

 

   Six Months ended June 30, 
   2025   2024 
   $’000   $’000 
         
Revenues, net   26,438    14,091 
Cost of Sales   (19,813)   (9,428)
Gross Profit   6,625    4,663 
           
Operating costs and expenses:          
Selling and distribution   (1,209)   (728)
General and administrative   (3,714)   (3,395)
Total operating costs and expenses   (4,923)   (4,123)
           
Profit from operations   1,702    540 
           
Other Income/(expenses):-          
Gain from disposal of plant and equipment   -    50 
Interest income   68    121 
Interest expenses   (939)   (694)
Dividend income   1    12 
Government grants   12    15 
Foreign exchange gain/(loss), net   78    (4)
Other income   26    38 
Total other (loss)/income, net   (754)   (462)
           
Profit before income taxes   948    78 
Less: Income tax expenses   (45)   (1)
NET INCOME   903    77 
           
Less: Net (loss)/income attributable to non-controlling interest (NCI)   -    - 
           
NET INCOME/(LOSS) ATTRIBUTABLE TO EQUITY HOLDER OF THE COMPANY   903    77 
           
Other comprehensive income/(loss):          
Foreign currency translation adjustment   555    (209)
COMPREHENSIVE INCOME/(LOSS)   1,458    (132)
           
Net income per share          
Basic and Diluted (cents)   2.71    0.25 
           
Weighted average number of ordinary shares outstanding          
Basic and diluted   33,330    30,840 

 

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MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Currency expressed in United States Dollars (“US$”))

 

   June 30, 2025   Dec 31, 2024 
   $’000   $’000 
ASSETS          
Current assets:          
Cash and cash equivalents   1,139    3,258 
Accounts receivable, net   7,340    6,181 
Inventories   44,646    45,098 
Amounts due from related parties   2,354    2,200 
Financial assets available for sales   72    47 
Deposits, prepayments and other receivables   3,435    8,215 
Total current assets   58,986    64,999 
           
Non-current assets:          
Property and equipment, net   1,610    1,591 
Right-of-use assets   421    774 
Investment in equity securities   2,200    2,200 
Deferred tax assets   11    11 
Total non-current assets   4,242    4,576 
           
TOTAL ASSETS   63,228    69,575 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable and accrued liabilities   6,338    6,940 
Customer deposits   2,504    5,567 
Amounts due to related parties   16,588    15,075 
Bank borrowings   9,735    12,641 
Lease liabilities   3,102    4,581 
Income tax payable   47    - 
Total current liabilities   38,314    44,804 
           
Long-term liabilities:          
Bank borrowings   -    - 
Lease liabilities   3,371    4,686 
Total long-term liabilities   3,371    4,686 
           
TOTAL LIABILITIES   41,685    49,490 
           
Shareholders’ equity          
Ordinary share, par value US$0.00025, 400,000,000 shares authorized, 33,330,000 ordinary shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively   9    9 
Additional paid-in capital   20,140    20,140 
Retained earnings   1,073    170 
Non-controlling interest   -    - 
Accumulated other comprehensive loss   321    (234)
Total shareholders’ equity   21,543    20,085 
           
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   63,228    69,575 

 

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MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Currency expressed in United States Dollars (“US$”), except for number of shares)

 

   Ordinary Shares   Additional   Accumulated Other       Non-   Total 
   No. of shares   Amount   paid-in
capital		   comprehensive loss   Retained earnings   Controlling Interest   shareholders’
equity		 
   ‘000   $’000   $’000   $’000   $’000   $’000   $’000 
                             
Balance as of January 1, 2023   24,800    6    5,440    (419)   1,235    50    6,312 
                                    
Foreign currency translation adjustment   -    -    -    269    -    -    269 
                                    
Net income for the year   -    -    -    -    1,789    (50)   1,739 
                                    
Issue of new shares net of deferred offering costs   6,040    2    13,505    -    -    -    13,507 
                                    
Balance as of December 31, 2023   30,840    8    18,945    (150)   3,024    -    21,827 
                                    
Foreign currency translation adjustment   -    -    -    (84)   -    -    (84)
                                    
Net income for the year   -    -    -    -    (2,854)   -    (2,854)
                                    
Issue of new shares net of deferred offering costs   2,490    1    1,195                   1,196 
                                    
Balance as of December 31, 2024   33,330    9    20,140    (234)   170    -    20,085 
                                    
Foreign currency translation adjustment   -    -    -    555    -    -    555 
                                    
Net income for the period   -    -    -    -    903    -    903 
                                    
Issue of new shares net of deferred offering costs   -    -    -    -    -    -    - 
                                    
Balance as of June 30, 2025   33,330    9    20,140    321    1,073    -    21,543 

 

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Multi Ways Holdings Limited  
     
First Half of Fiscal Year 2025   For the six months ended June 30, 2025

 

 

MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS

(Currency expressed in United States Dollars (“US$”))

 

   Six Months ended June 30, 
   2025   2024 
   $’000   $’000 
Cash flows from operating activities          
Net Income/(loss) before tax   947    78 
Adjustments to reconcile net income to net cash provided by operating activities          
Depreciation of property, plant and equipment   206    166 
Depreciation of Right-of-Use assets   370    404 
Inventories written down   -    (117)
Gain on disposal of property, plant and equipment   -    (50)
Gain on disposal of Financial Assets available for sales   -    (7)
Provision of impairment of trade receivables, net   (11)   - 
Loss on revaluation of quoted shares   6    (4)
Interest expense   939    694 
Income tax expenses (current year provision)   -    - 
Change in operating assets and liabilities:          
Account receivable   (908)   (2,453)
Inventories   2,370    (5,465)
Deposits, prepayments and other receivables   5,029    (3,307)
Accounts payable and accrued liabilities   (284)   (1,395)
Customer deposits   (3,278)   3,422 
Net cash generated from/(used in) operating activities   5,386    (8,034)
           
Cash flows from investing activities:          
Purchase of property, plant and equipment   (170)   (527)
Proceeds from disposal of property, plant and equipment   -    358 
Investment in equity securities   (29)   - 
Proceeds from / (investment in) financial assets available for sales, net   -    (8)
Net cash used in investing activities   (199)   (177)
           
Cash flows from financing activities:          
Proceeds from bank borrowing   18,776    19,074 
Repayment of bank borrowing   (22,171)   (13,545)
Proceeds from lease Liabilities   1,421    2,825 
Repayment of lease liabilities   (4,575)   (2,507)
Interest paid   (587)   (632)
Net cash (used in)/generated from financing activities   (7,136)   5,215 
           
Effect on exchange rate change on cash and cash equivalents   (170)   (421)
           
Net change in cash and cash equivalents   (2,119)   (3,417)
           
BEGINNING OF THE PERIOD   3,258    7,073 
           
END OF THE PERIOD   1,139    3,656 

 

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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, please visit www.multiwaysholdings.com. For further information on the Company’s SEC filings please visit www.sec.gov.

 

Safe Harbor Statement

 

This 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.

 

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