ESGL Holdings Limited Reports First Half 2024 Financial Results

Core Insights - ESGL Holdings Limited achieved its first-ever profitable half-year for its operating subsidiary, marking a significant improvement from the loss in the first half of 2023 [2][5] - The company's revenue for the first half of 2024 reached US$3.49 million, reflecting a 2.8% increase year-on-year despite facing regulatory challenges [2] - Loss before taxation improved by 45.3%, decreasing from US$590,000 in the first half of 2023 to US$322,000, attributed to effective cost management [2][11] Financial Performance - Revenue Growth: The first half of 2024 saw revenue increase to US$3.49 million, a 2.8% improvement from US$3.39 million in the same period of 2023 [2][11] - Significant Reduction in Losses: Loss before taxation improved by 45.3%, from US$590,000 in H1 2023 to US$322,000 in H1 2024 [2][11] - Logistics Cost Savings: Logistics costs were reduced by US$527,000, representing a 66.6% decrease year-on-year [2] Operational and Segment Performance - Solid Waste Thermal Processing Solutions: Revenue grew by 8.15%, supported by the collection of new waste types and an expanded customer base [3] - Liquid Waste Synthesis Solutions: Revenue declined by 45.8% due to regulatory impacts on a key customer, with expectations for recovery in the second half of 2024 [3] - Circular Products Sales: Sales decreased by 39.1% due to lower demand for base metals, though the company remains optimistic about market recovery [3] Outlook - The company is optimistic about the second half of 2024, focusing on expanding its solid hazardous waste customer base and regaining liquid hazardous waste volume while maintaining operational efficiency [4] - ESGL is actively working to renew long-term contracts with key clients to sustain and enhance profitability [4] CEO Statement - The CEO highlighted the achievement of the first profitable half-year as a reflection of the company's strategic focus on cost efficiency and operational optimization, expressing confidence in sustained growth across core segments [5]