SINGAPORE, May 16, 2024 (GLOBE NEWSWIRE) -- Multi Ways Holdings Limited ("Multi Ways" or the "Company") (NYSE:MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced fiscal year 2023 financial results. "We are pleased to report on the strategic advancements Multi Ways Holdings Limited has achieved since our IPO a year ago," said Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways Holdings Limited. "Our recent acquisition of cutting-edge SANY equipment and the formation of strategic partnerships underscore our commitment to delivering superior solutions to our customers across the region. With over two decades of industry experience, we have established ourselves as a reliable and trusted provider of heavy construction equipment." "Despite a decrease in revenue, our focus on cost management and fleet optimization has resulted in improved net income and a strengthened financial position. The significant enhancement in our cash flows and working capital demonstrates our resilience and adaptability." "Looking ahead, we are committed to maintaining our role as a comprehensive provider for heavy construction equipment needs. Our ongoing fleet renewal and expansion initiatives are designed to meet the evolving requirements of our clients, ensuring they have access to the most advanced and dependable machinery available. We remain focused on delivering exceptional value to our shareholders, customers, and the broader community, positioning Multi Ways for continued success in the competitive landscape," concluded Mr. Lim. Fiscal Year 2023 Financial Highlights Our total revenue decreased by approximately $2.3 million or approximately 6.1% to approximately $36.0 million for the year ended December 31, 2023 from approximately $38.4 million for the year ended December 31, 2022. The decrease was mainly attributable to the decrease demand in our equipment sales of approximately $7.5 million because of decrease in overseas demand. Our cost of revenues decreased by approximately $1.3 million or approximately 4.4% to approximately $27.4 million for the financial year ended December 31, 2023 from approximately $28.6 million for the financial year ended December 31, 2022. Such decrease was mainly attributable to the decrease cost of revenues for the demand in our equipment sales of approximately $1.5 million and offset the increase in Services of approximately $0.3 million in 2023. Our total gross profit amounted to $8.7 million and $9.7 million for fiscal years ended December 31, 2023 and 2022, respectively. Our overall gross profit margins were approximately 24.0% and approximately 25.4% for fiscal years ended December 31, 2023 and 2022, respectively. Our total gross profit decrease was generally due to the lower profit margin through diversified purchasing networks from across various countries. Selling and distribution expenses mainly included promotion and marketing expenses and transportation expenses for inbound and outbound shipments. Our selling and distribution expenses were approximately $1.0 million and approximately $1.5 million for the fiscal years ended December 31, 2023 and 2022, respectively, representing approximately 2.6% and approximately 3.9% of our total revenue for the corresponding years. Administrative expenses were approximately $10.8 million and approximately $6.7 million for the years ended December 31, 2023 and 2022, respectively, representing approximately 29.9% and approximately 17.6% of our total revenue for the corresponding financial years. Staff costs mainly represented the salaries, employee benefits and retirement benefit costs to our employees, directors' remuneration and directors' fees. Our staff costs were $4.8 million and $3.9 million for the fiscal years ended December 31, 2023 and 2022, respectively. Net income amounted to $1.8 million and approximately $1.0 million for the fiscal years ended December 31, 2023 and 2022, respectively. Cash Flows Summary Cash and cash equivalents were approximately $7.1 million as of December 31, 2023, compared to approximately $1.0 million as of December 31, 2022. Cash provided by operating activities was approximately $0.06 million for the fiscal year ended December 31, 2023, compared to approximately $0.9 million for the fiscal year ended December 31, 2022 Cash generated from investing activities was approximately $6.8 million for the fiscal year ended December 31, 2023, primarily consisting of the purchases of property, plant and equipment of approximately $2.0 million; the investment in equity securities of $2.2 million and offset by the proceeds from disposal of property and equipment of approximately $10.9 million and investment in financial assets available for sales of approximately $0.1 million. This compares to net cash used in investing activities of approximately $1.1 million for the fiscal year ended December 31, 2022. Cash used in financing activities for the fiscal year ended December 31, 2023 was $0.9 million, which mainly consisted of bank loan repayment of $7.4 million; the repayment of lease liabilities of $6.4 million; the payment of dividend of $10.5 million; loan from director of $9.9 million and proceeds from share issuance net of deferred offering costs of $13.5 million. This compares to cash used in financing activities of $0.3 million for the fiscal year ended December 31, 2022. Balance Sheet Summary Total assets were approximately $58.0 million, and total liabilities were approximately $36.2 million at December 31, 2023. Working capital was approximately $20.9 million at December 31, 2023, versus approximately $2.9 million at December 31, 2022. Shareholders' equity was approximately $21.8 million at December 31, 2023, as compared to approximately $6.3 million at December 31, 2022. About Multi Ways Holdings Limited Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit www.multiwaysholdings.com. Safe Harbor StatementThis press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur. Investor Relations Contact:Matthew Abenante, IRCPresidentStrategic Investor Relations, LLC Tel: 347-947-2093Email: *** tables follow ***   MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Currency expressed in United States Dollars ("US$"))               As of December 31,     2023   2022       $'000       $'000                     ASSETS                 Current assets:                 Cash and cash equivalents     7,073       1,003   Accounts receivable, net     5,341       8,021   Inventories     36,692       31,442   Amounts due from related parties     1,068       50   Financial assets available for sales     242       325   Deposits, prepayments and other receivables     1,965       3,230   Total current assets     52,381       44,071                     Non-current assets:                 Property and equipment, net     1,817       7,218   Right-of-use assets     1,592       1,489   Investment in equity securities     2,200       -   Deferred tax assets     11       8   Total non-current assets     5,620       8,715                     TOTAL ASSETS     58,001       52,786                     LIABILITIES AND SHAREHOLDERS' EQUITY                 Current liabilities:                 Accounts payable and accrued liabilities     4,758       4,781   Customer deposits     3,238       5,884   Amounts due to related parties     15,099       17,167   Bank borrowings     4,588       8,862   Lease liabilities     3,482       3,484   Income tax payable     313       1,007   Total current liabilities     31,478       41,185                     Long-term liabilities:                 Bank borrowings     431       3,175   Lease liabilities     4,265       2,114   Total long-term liabilities     4,696       5,289                     TOTAL LIABILITIES     36,174       46,474                     Commitments and contingencies     -       -                     Shareholders' equity                 Ordinary share, par value US$0.00025, 400,000,000 shares authorized, 30,840,000 and 24,800,000 ordinary shares issued and outstanding as of December 31, 2023 and 2022, respectively     8       6