Multi Ways Holdings Limited (MWG) reported a 87.65% year‑on‑year increase in net revenue, reaching $26.44 million for the first half of 2025 compared with $14.09 million in the same period a year earlier. Net income also surged, rising to approximately $0.90 million from $0.08 million in H1 2024, a jump of more than 1,000% that reflects both higher sales and disciplined cost management.
Gross profit margin contracted to 25.08% in H1 2025 from 33.07% in H1 2024, driven by a shift toward lower‑margin equipment products and rising input costs. Operating cash flow swung from a negative $8.03 million in H1 2024 to a positive $5.39 million in H1 2025, underscoring the company’s improved liquidity and operational efficiency.
Revenue growth was largely powered by the equipment sales segment, which benefited from strong demand for heavy construction machinery in Singapore and the wider region. The company’s recent acquisition of 21 SANY cranes for $5.4 million in October 2025 further expanded its product portfolio and positioned it to capture new opportunities in upcoming infrastructure projects. Other segments, such as rentals and services, remained flat, highlighting the concentration of growth in core sales.
Management emphasized that the margin compression is temporary and will be mitigated through ongoing cost‑management initiatives, operational efficiencies, and portfolio optimisation. Chairman and CEO James Lim noted that the company’s focus on high‑margin equipment and strategic investments will help restore profitability as input costs stabilize and the sales mix improves.
MWG highlighted several major infrastructure projects slated to begin construction in 2026, including expansions at Changi Airport Terminal 5 and the Marina Bay Sands resort. These projects are expected to generate additional revenue streams and support sustained top‑line momentum in the coming years.
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