Ryde Group Ltd. announced its financial results for the six months ended June 30, 2024, reporting a revenue of S$4,376k (US$3,229k). This figure represents a decrease compared to the S$5,232k reported in the first half of 2023, indicating a contraction in top-line performance.
The company's net loss significantly widened to S$13,542k (US$9,992k) for 1H 2024, a substantial increase from the S$3,999k net loss in 1H 2023. Diluted earnings per share also reflected this trend, standing at (S$0.81) or (US$0.60) for the period, compared to (S$0.34) in the prior year.
Despite the increased net loss, Ryde reported an improvement in its Adjusted EBITDA, which reached (S$1,604k) or (US$1,183k) for 1H 2024, a 20% improvement from (S$2,039k) in 1H 2023. CEO Terence Zou highlighted this improvement as a result of strategic investment and transformation, aiming to establish a solid operational base.
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