WANG & LEE GROUP, Inc., a construction contractor specializing in Electrical & Mechanical Systems (E&M), has released its annual financial report for the year ended December 31, 2023. The company, incorporated in the British Virgin Islands, operates primarily through its subsidiary WANG & LEE CONTRACTING LIMITED in Hong Kong SAR. The financial performance for the year shows a net loss of $648,854, an increase from the previous year's loss of $596,881. Despite the net loss, the company saw a significant increase in contract revenues, rising by 64% to $6,825,879, compared to $4,169,931 in the previous year. The increase in revenue is attributed to a strategic focus on smaller scale engineering projects and the resumption of normal business operations. The company's contract costs also rose by 30% to $4,385,279. Gross...Show More

WANG & LEE GROUP, Inc., a construction contractor specializing in Electrical & Mechanical Systems (E&M), has released its annual financial report for the year ended December 31, 2023. The company, incorporated in the British Virgin Islands, operates primarily through its subsidiary WANG & LEE CONTRACTING LIMITED in Hong Kong SAR. The financial performance for the year shows a net loss of $648,854, an increase from the previous year's loss of $596,881. Despite the net loss, the company saw a significant increase in contract revenues, rising by 64% to $6,825,879, compared to $4,169,931 in the previous year. The increase in revenue is attributed to a strategic focus on smaller scale engineering projects and the resumption of normal business operations. The company's contract costs also rose by 30% to $4,385,279. Gross profit increased by 211% to $2,440,600, with a gross profit margin of 36%. General and administrative expenses increased by 125% due to costs associated with the company's listing activities. The company completed a private placement and an initial public offering, raising a net total of $6.0 million. The report also highlights the company's risk management strategies, including credit risk management, interest rate risk hedging, and cybersecurity measures. The company's board of directors has an audit committee with a financial expert to oversee financial reporting and risk management. WANG & LEE GROUP, Inc. is listed on the Nasdaq Capital Market under the symbol 'WLGS'.