INNEOVA Holdings Limited Reports Year-End 2024 Financial Results

Core Insights - INNEOVA Holdings Limited reported a revenue of $58.3 million for the fiscal year 2024, reflecting a 2.0% decrease from $59.5 million in 2023, primarily due to reduced demand in the Singapore local market [2] - The company maintained a gross profit of $10.9 million, with a slight improvement in gross profit margin to 18.7% from 18.3% in the previous year, indicating effective pricing discipline [2] - Operating income decreased to $0.8 million from $2.5 million in the prior year, attributed to increased administrative expenses and selling and distribution costs [3] - Net income fell to $0.008 million from $1.6 million in 2023, mainly due to higher administrative expenses [3] Operational Highlights - INNEOVA Holdings successfully completed its Initial Public Offering (IPO) on October 24, 2024, marking a significant growth milestone [4] - The company implemented automation technology in its distribution center, enhancing operational efficiency through advanced robotics and digital solutions [5] - A rebranding occurred on April 28, 2025, changing the company's name from SAG Holdings Limited to INNEOVA Holdings Limited, reflecting a focus on engineering excellence and innovative solutions [6] - The acquisition of INNEOVA Engineering Pte. Ltd. on April 30, 2025, aims to strengthen engineering capabilities and expand offerings into comprehensive solutions [7] Strategic Outlook - The CEO highlighted that the fiscal year 2024 and early 2025 represent a period of transformation and foundational growth for the company, emphasizing optimism for future prospects despite global economic uncertainties [8]