Summary by Moomoo AI
ESGL Holdings Limited, a Singapore-based carbon-neutral enviro-tech company, reported its financial results for the first half of 2024 on September 20, 2024. The company's operating subsidiary achieved its first profitable half-year, marking a significant milestone from the loss recorded in the first half of 2023. Revenue increased to US$3.49 million, up by 2.8% from the previous year, despite regulatory challenges and volatility in waste volumes. Loss before taxation was reduced by 45.3%, from US$590,000 to US$322,000, due to strict cost management and operational efficiencies. Logistics costs saw a substantial decrease of 66.6% year-on-year. The company experienced growth in solid waste thermal processing solutions by 8.15%, while liquid waste synthesis solutions and circular products sales declined due to regulatory impacts and lower demand, respectively. However, ESGL is optimistic about the second half of 2024, focusing on expanding its customer base and regaining waste volume, alongside maintaining operational efficiency and achieving cost savings. CEO Quek Leng Chuang expressed confidence in driving sustained growth and building momentum towards long-term profitability.
