NEW YORK, Dec. 31, 2024 — Multi Ways Holdings Limited (“Multi Ways” or the “Company”) (NYSE American: MWG), a leading Singapore-based supplier of heavy construction equipment for sales and rentals, today announced its unaudited first-half 2024 financial results and provided corporate updates.

Multi Ways Chairman and CEO, Mr. James Lim, stated that despite navigating supply chain constraints, heightened competition, and evolving customer preferences during the first half of 2024, the company achieved a 33.09% gross profit margin, exceeding the previous year’s 29.85%. Although net revenue slightly decreased by 1.95% to $14.09 million, the improved margin reflects successful revenue stream optimization. Mr. Lim noted a rising demand for rentals (25% of revenue), up from 14.7% in the first half of 2023. While the first-half 2024 net income improvement stemmed partly from the absence of IPO-related fees incurred in the prior year, the company remains focused on long-term sustainability.

Looking ahead to 2025, Mr. Lim expressed optimism fueled by upcoming major infrastructure projects, including the significant expansion of the Woodlands Checkpoint, commencing in 2025. The first phase, encompassing extensions at Old Woodlands Town Centre and Bukit Timah Expressway, is slated for progressive completion starting in 2028.

Mr. Lim concluded by reaffirming the company’s commitment to shareholder, customer, and employee value, and expressed confidence in navigating future challenges and capitalizing on opportunities.

First Half 2024 Financial Highlights

  • Net revenue for the six months ended June 30, 2024, was $14.09 million, a 1.95% decrease from $14.37 million in the same period of 2023. This decrease resulted from factors including Middle East war-related container supply disruptions, increased competition leading to longer equipment delivery times, and a shift towards rental preferences.
  • Gross profit reached approximately $4.66 million, representing a 33.09% margin, compared to $4.29 million and a 29.85% margin in the first half of 2023.
  • Net income was approximately $0.08 million for the first six months of 2024, a significant improvement over the $4.75 million net loss in the first six months of 2023.

Cash Flows Summary

  • Cash and cash equivalents totaled approximately $3.66 million as of June 30, 2024, down from $7.08 million on June 30, 2023.
  • Cash used in operating activities was approximately $8.03 million for the six months ended June 30, 2024, compared to $7.03 million in the same period of 2023.
  • Cash used in investing activities amounted to $0.18 million for the six months ended June 30, 2024, a decrease of $3.72 million from the $3.90 million used in the first half of 2023, primarily due to reduced investments and a lack of additional right-of-use assets.
  • Cash provided by financing activities was approximately $5.22 million for the six months ended June 30, 2024, down from approximately $14.81 million in the first half of 2023. This decrease reflects the completion of the initial public offering on April 5, 2023, which generated $15.1 million in gross proceeds before deductions.

About Multi Ways Holdings Limited

Multi Ways Holdings is a leading provider of heavy construction equipment sales and rentals across Singapore and the surrounding region, boasting over two decades of experience. The company serves clients in Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines, offering a wide range of new and used equipment and complementary services.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are based on current expectations and projections and are subject to various risks and uncertainties, including those related to the company’s ability to adapt to market changes and technological advancements, and the overall competitive landscape. Actual results may differ materially from these forward-looking statements. The company is not obligated to update these statements.

Investor Relations Contact:

Matthew Abenante, IRC
President
Strategic Investor Relations, LLC

Tel: 347-947-2093

Email: