Revenue totaled
Gross Profit was
“We are pleased to report growing revenues and increased gross profits for 2023, up 59% and 42% year-over-year, respectively,” said
Full Year 2023 and Subsequent Operational Highlights:
- Completed initial public offering of 1,125,000 Class A Ordinary Shares at
$4.00 per share, for aggregate gross proceeds of approximately$4.5 million - Expanded into
Australia ,Vietnam andCambodia hotel and hospitality markets
Full Year 2023 Financial Highlights:
All numbers below as of
- Revenue totaled
$31.8 million , a 59% increase from$20.0 million , year-over-year - Cost of Revenue totaled
$28.1 million , a 61% increase from$17.5 million , year-over-year - Gross Profit totaled
$3.7 million , a 42% increase from$2.6 million , year-over-year - Operating profit and net profit of
$1.4 million and$864,000 , respectively
Total revenues increased by
Gross profit increased by
For the year ended
The total cost of revenue increased by
General and administrative expenses increased by
As of
About
For more information, please visit https://yygroupholding.com/.
Forward Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the
For further information, please contact:
Singapore Investor Contact
jason.phua@yygroupholding.com
YYGroup@kcsa.com
YY GROUP, CONDENSED CONSOLIDATED BALANCE SHEET AS OF | |||||||
Note | 2023 | 2022 | |||||
(As revised2) | |||||||
USD | USD | ||||||
Assets | |||||||
Current assets: | |||||||
Cash | 5 | 467,235 | 161,022 | ||||
Trade receivables | 6 | 7,037,942 | 4,155,737 | ||||
Prepayment and other current assets | 7 | 2,667,166 | 425,649 | ||||
Amount due from related parties | 18 | 31,298 | 457,312 | ||||
Total Current Assets | 10,203,641 | 5,199,720 | |||||
Non-current assets: | |||||||
Right-of-use assets | 8 | 78,434 | 210,651 | ||||
Property and equipment, net | 9 | 368,621 | 278,866 | ||||
Prepayment, non-current | 7 | 18,656 | - | ||||
Deferred tax assets | 17 | 738 | 78,545 | ||||
Total Non-current assets | 466,449 | 568,062 | |||||
Total Assets | 10,670,090 | 5,767,782 | |||||
Currents Liabilities: | |||||||
Trade and other payables | 10 | 2,996,636 | 2,013,743 | ||||
Amount due to related parties | 18 | 67,521 | 74,292 | ||||
Lease liabilities, current | 11 | 69,135 | 147,474 | ||||
Loans and borrowings, current | 11 | 2,856,491 | 1,279,314 | ||||
Total Current Liabilities | 5,989,783 | 3,514,823 | |||||
Non-current Liabilities: | |||||||
Loans and borrowings, non-current | 11 | 523,607 | 503,286 | ||||
Convertible notes – liability component | 11 | - | 736,129 | ||||
Lease liabilities, non-current | 11 | 15,187 | 71,895 | ||||
Total Non-current Liabilities | 538,794 | 1,311,310 | |||||
Total Liabilities | 6,528,577 | 4,826,133 | |||||
Equity | |||||||
Share Capital* | 12 | 3,564,150 | 1,228,037 | ||||
Reserves | 12 | 20,667 | 20,825 | ||||
Retained earnings (accumulated deficit) | 545,797 | (306,537 | ) | ||||
Equity attributable to owners of the Company | 4,130,614 | 942,325 | |||||
Non-controlling interests | 10,899 | (676 | ) | ||||
Total equity | 4,141,513 | 941,649 | |||||
Total liabilities and equity | 10,670,090 | 5,767,782 |
YY GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AS OF | ||||||||
Note | 2023 | 2022 | ||||||
(As revised2) | ||||||||
USD | USD | |||||||
Revenue | 14 | 31,772,286 | 20,022,529 | |||||
Cost of revenue | 15 | (28,120,506 | ) | (17,450,131 | ) | |||
Gross profit | 3,651,780 | 2,572,398 | ||||||
Other income | 15 | 1,830,899 | 1,952,420 | |||||
Selling and marketing expenses | 15 | (191,582 | ) | (325,678 | ) | |||
General and administrative expenses | 15 | (3,846,367 | ) | (2,909,167 | ) | |||
Other expenses | (27,781 | ) | (57,113 | ) | ||||
Operating profit | 1,416,949 | 1,232,860 | ||||||
Finance cost | 16 | (328,610 | ) | (329,370 | ) | |||
Profit before tax | 1,088,339 | 903,490 | ||||||
Income tax (expenses) benefit | 17 | (224,302 | ) | (142,150 | ) | |||
Profit for the year | 864,037 | 761,340 | ||||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation differences - foreign operations | 7,301 | 26,931 | ||||||
Total comprehensive income for the year | 871,338 | 788,271 | ||||||
Profit (loss) attributable to: | ||||||||
Equity owners of the Company | 852,334 | 761,628 | ||||||
Non-controlling interests | 11,703 | (288 | ) | |||||
Profit for the year | 864,037 | 761,340 | ||||||
Total comprehensive income (loss) attributable to: | ||||||||
Equity owners of the Company | 859,763 | 788,947 | ||||||
Non-controlling interests | 11,575 | (676 | ) | |||||
Total comprehensive income for the year | 871,338 | 788,271 | ||||||
Basic earnings per share* | 13 | 0.02 | 0.02 | |||||
Diluted earnings per share* | 13 | 0.02 | 0.02 |
YY GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AS OF | ||||||
2023 | 2022 | |||||
(As revised2) | ||||||
USD | USD | |||||
Operating activities | ||||||
Profit for the year | 864,037 | 761,340 | ||||
Adjustments for: | ||||||
Depreciation of property and equipment (Note 9) | 122,695 | 213,206 | ||||
Depreciation of right-of-use assets (Note 8) | 165,862 | 127,352 | ||||
Finance Cost (Note 16) | 328,610 | 329,370 | ||||
Loss on disposal of property and equipment | - | 48,395 | ||||
Gain on lease termination | (860 | ) | - | |||
Income tax expenses (benefit) (Note 17) | 224,302 | 142,150 | ||||
1,704,646 | 1,621,813 | |||||
Changes in operating assets and liabilities: | ||||||
Trade receivables | (1,636,577 | ) | (192,652 | ) | ||
Trade and other payables | 879,705 | (89,769 | ) | |||
Amount due to related parties | (285,927 | ) | (22,083 | ) | ||
Prepayment and other assets | (182,850 | ) | (121,436 | ) | ||
Cash provided by operations | 478,997 | 1,195,873 | ||||
Interest paid | (308,651 | ) | (225,193 | ) | ||
Income tax paid | (118,638 | ) | (75,736 | ) | ||
Income tax refund | - | 40,329 | ||||
Net cash provided by operating activities | 51,708 | 935,273 | ||||
Investing activities | ||||||
Purchase of property and equipment (Note 9) | (224,185 | ) | (112,113 | ) | ||
Net cash used in investing activities | (224,185 | ) | (112,113 | ) | ||
Financing activities | ||||||
Issuance of Class A shares | - | 212,450 | ||||
Issuance of a convertible loan | - | 743,273 | ||||
Proceeds from guaranteed bank loans | 931,862 | 1,603,768 | ||||
Repayment from a shareholder’s loan | 1,852,945 | - | ||||
Loan to a shareholder | (1,146,464 | ) | (1,035,306 | ) | ||
Loan to a related party | - | (25,167 | ) | |||
Payment of lease liabilities | (178,040 | ) | (133,382 | ) | ||
Payment of listing expenses | (439,513 | ) | - | |||
Repayment of guaranteed bank loans | (550,426 | ) | (2,091,971 | ) | ||
Net cash provided by (used in) financing activities | 470,364 | (726,335 | ) | |||
Effect of foreign exchange of cash | 8,326 | (1,796 | ) | |||
Net increase in cash | 306,213 | 95,029 | ||||
Cash balances at beginning of year | 161,022 | 65,993 | ||||
Cash balances at end of year (Note 5) | 467,235 | 161,022 |
Source:
2024 GlobeNewswire, Inc., source