Highlights:
-- Net Profit of HK$0.9 million [A$0.2 million] (FY20: HK$39.5 million net loss);
-- EBITDA of HK$9.2 million [A$1.6 million], up 21% year-on-year;
-- Gross Profit of HK$88.6 million, up 28% year-on-year; Gross Profit Margin improvement of 25pp;
-- Operational expenses down 20%; Cash-profitability across all Group business lines for first time since IPO;
-- Revenue of HK$156.6 million [A$27.7 million], due to focus on high margin products; removal of unprofitable businesses leaves group in strong position for FY22
February 28, 2022 (SYDNEY): Asia import, distribution and sales accelerator eCargo Holdings Limited (ASX:ECG) (“eCargo” or “the Group”) today announced financial results for the year ending 31 December 2021 (FY21), delivering the Group’s first net profit since IPO, underpinned by a renewed focus on technology and higher margin products.
The results were primarily driven by new revenue streams resulting from early success of the Group’s new technology-centric strategy, streamlining of key business centres, and continued implementation of operational efficiencies, resulting in cash-profitability across all key business lines.
The Group also achieved a 21% increase in EBITDA to HK$9.2 million [A$1.6 million] (FY20: HK$7.6 million/A$1.3 million), despite revenue falling by 28% to HK$156.6 million [A$27.7 million], as continued restructuring led to the removal of revenue-generating but unprofitable products, leaving the Group more focused and well-positioned to grow profitability in FY22.
The FY21 statutory net profit of HK$0.9 million [A$0.2 million] (FY20: net loss of HK$39.5 million/A$7.0 million) represented an important step forward for the business and demonstrates the success of the restructure under CEO Lawrence Lun’s leadership.
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