iWOW Technology has reported a lower net profit of $2.8 million for the FY2024 ended March 31, 2024, a 22% y-o-y decrease from $3.6 million for the FY2023.
The group says that this is following a weaker 1H2024 performance from the completion of the trace token project and higher costs associated with increased hiring to bolster the group’s R&D and business development capabilities.
iWOW’s basic earnings per share for the FY2024 is 24.8% y-o-y lower at 1.06 cents, compared to the 1.41 cents per share in the same period the year before.
The group’s revenue for the full year came in at $46.4 million, a 81.5% y-o-y growth compared to the FY2023 revenue of $25.6 million.
This is due to the 12-month contribution from its Smart City Infrastructure segment in FY2024.
The group’s 2H2024 revenue grew by 242.5% y-o-y to reach $29.1 million as compared to $8.5 million in 2H2023.
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This is due to full six-month contributions from both its Wireless Engineering Solutions (WES) and Datacomm & Enterprise Solutions (DES) segments (collectively Smart City Infrastructure), as compared to two months' contribution in 2H2023, following the acquisition of Roots Communication Pte Ltd (Roots).
As at April 2024, the group has an order book of $93.5 million. The current order book is anticipated to generate revenues over the next five years.
iWOW remains optimistic about its long-term growth prospects, driven by strategic opportunities from Smart Nation initiatives and the rising demand for innovative IoT solutions in Singapore and the region.
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The recent launch of the Buddy of Parents (BOP) Button by its subsidiary, BOP Pte Ltd, signifies a major step into the eldercare technology market and is expected to boost the group’s revenue and earnings in the coming years.
“While FY2024 presented its fair share of hurdles, our revenue growth trajectory and strategic advancements signal brighter prospects ahead," said Raymond Bo, CEO and executive director of iWOW Technology NXR . "Our strategic focus on higher-margin subscription services, will further enhance our earnings visibility and long-term profitability.”
Shares in iWOW closed flat at 22 cents.
