INNEOVA Holdings Limited reported its financial results for the fiscal year ended December 31, 2024, on May 19, 2025, presenting a mixed financial picture. The company generated total revenue of $58.3 million, marking a 2.0% decrease from $59.5 million in the prior year. This decline was primarily attributed to reduced demand in the Singapore local market.
Despite the revenue decrease, gross profit remained stable at $10.9 million, comparable to 2023, with the gross profit margin improving slightly to 18.7% from 18.3%. However, operating income significantly decreased to $0.8 million from $2.5 million in the previous year. Net income experienced a substantial decline, plummeting to $0.008 million in 2024 from $1.6 million in 2023.
The reduction in operating and net income was primarily driven by increased administrative expenses and selling and distribution costs, which rose to $10.07 million and $9.57 million respectively. CEO Jimmy Neo acknowledged global economic uncertainties impacting results but expressed optimism about executing growth strategy. The company reported positive operating cash flow of $2.67 million and free cash flow of $1.89 million for 2024.
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