IWOW 1H2023 Results Announcement
iWOW Technology Limited is pleased to announce its financial results for the half-year ended 30 September 2022 (“1H2023”) iWOW’s revenue eased marginally by 3% y-o-y to S$17.1 million in 1H2023 from the previous year on the back of lower revenue from the Smart City Solutions (“SCS”) segment, which was partially offset by growth in the IoT-as-a-Service (“IaaS”) and Trading & Others segments. In absence of the listing expenses incurred in 1H2022, net profit jumped 54% y-o-y to S$2.4 million in 1H2023. Excluding one-off listing expenses of S$0.5 million, the Group achieved a 14% increase in adjusted net profit of S$2.4 million in 1H2023, from S$2.1 million in 1H2022. “We are pleased to report sustained momentum in our financials for 1H2023 due to a favourable sales mix. We believe our stronger net cash position will provide us with a sufficient war chest for regional expansion. Given our R&D capabilities as an integrated wireless IoT solutions provider, we are confident that the Group will remain a forerunner in offering solutions to address sustainability, aging demographics, and rapid urbanisation issues.” says, Mr. Raymond Bo, Chief Executive Officer and Executive Director of iWOW. The Group generated positive operating cash flow of S$4.1 million. Cash and cash equivalent stood at S$13.1 million as of 30 September 2022, resulting in a robust net cash position of S$12.3 million.
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