Globavend (Nasdaq: GVH) Reports FY2024 Net Income Growth of 24% Y/Y, Announces FY2024 Results
PERTH, AUSTRALIA, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Globavend Holdings Limited ("Globavend" or the "Company") (NASDAQ:GVH), an emerging e-commerce logistics services provider, today announced its financial results for the fiscal year 2024. The Company has recorded a significant growth of 24% in its net income, marking a successful year for the organization.
"We are thrilled to announce our financial results for the fiscal year 2024, which reflect our commitment to delivering value to our customers and stakeholders," said Frank Yau, CEO of Globavend. "Our strong net income growth is a testament to the hard work and dedication of our team, as well as our ability to adapt to the changing market conditions."
Financial Highlights
- Net income grew 24% year-over-year to $1.34 million
- Earnings per share ("EPS") grew 13% year-over-year to $0.09
- Revenue of $16.5 million, representing a gross profit margin of 14.6%.
About Globavend Holdings Limited
Globavend Holdings Limited, an emerging e-commerce logistics provider, offers end-to-end logistics solutions in Hong Kong, Australia, and New Zealand. The Company primarily serves enterprise customers, including e-commerce merchants and operators of e-commerce platforms, facilitating business-to-consumer (B2C) transactions. As an e-commerce logistics provider, Globavend delivers integrated cross-border logistics services from Hong Kong to Australia and New Zealand. It provides customers with a comprehensive solution, encompassing pre-carriage parcel drop-off, parcel consolidation, air-freight forwarding, customs clearance, on-carriage parcel transportation, and final delivery.
Forward-Looking Statement
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 20-F for the year ended September 30, 2024, which is on file with the SEC and are available on our investor relations website at https://globavend.com/ and on the SEC website at www.sec.gov, as well as the subsequent Current Reports on Form 6-K or other filings with the SEC. Readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We undertake no duty to update this information unless required by law.
For investor and media inquiries, please contact:
Globavend Holdings Limited
Wai Yiu Yau, Chairman and CEO
[email protected] (61) 8 6141 3263
GLOBAVEND HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2023 AND 2024
(US$, except share data, or otherwise note)
| As of September 30, | ||||||||
| 2023 | 2024 | |||||||
| US$ | US$ | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 554,132 | $ | 2,296,462 | ||||
| Accounts receivable, net | 1,429,299 | 1,684,644 | ||||||
| Deposits and prepayment | 17,566 | 203,178 | ||||||
| Deposits and prepayment – related party | 169,834 | - | ||||||
| Deferred costs | 1,306,441 | 374,286 | ||||||
| Contract assets | 543,838 | 897,409 | ||||||
| Total current assets | $ | 4,021,110 | $ | 5,455,979 | ||||
| NON-CURRENT ASSETS | ||||||||
| Property, plant, equipment, net | $ | 13,274 | $ | 123,101 | ||||
| Right-of-use assets, operating lease | 119,881 | 32,711 | ||||||
| Deposits and prepayment | 320,513 | 1,743,423 | ||||||
| Deposits – related party | - | 600,000 | ||||||
| Total non-current assets | $ | 453,668 | $ | 2,499,235 | ||||
| TOTAL ASSETS | $ | 4,474,778 | $ | 7,955,214 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 2,601,253 | $ | 649,183 | ||||
| Accounts payable – related party | - | 1,627,269 | ||||||
| Other payables and accrued liabilities | 1,096,016 | 235,193 | ||||||
| Amount due to a director | - | 8,586 | ||||||
| Taxes payables | 155,210 | 224,438 | ||||||
| Operating lease liabilities - current | $ | 39,886 | 41,019 | |||||
| Total current liabilities | $ | 3,892,365 | $ | 2,785,688 | ||||
| Non-current liabilities | ||||||||
| Operating lease liabilities – non-current | 80,237 | - | ||||||
| Total non-current liabilities | $ | 80,237 | $ | - | ||||
| TOTAL LIABILITIES | $ | 3,972,602 | $ | 2,785,688 | ||||
| Commitments | - | |||||||
| EQUITY | ||||||||
| Ordinary shares, $0.001 par value, 50,000,000 shares authorized, 13,125,000 shares issued and outstanding as of September 30, 2023 and 14,931,123 shares issued and outstanding as of September 30, 2024 | 13,125 | 14,931 | ||||||
| Subscription receivable | (13,125 | ) | (13,125 | ) | ||||
| Additional paid-in capital | 128,205 | 3,454,741 | ||||||
| Retained earnings | 373,971 | 1,712,979 | ||||||
| Total shareholders' equity | $ | 502,176 | $ | 5,169,526 | ||||
| TOTAL LIABILITIES AND EQUITY | $ | 4,474,778 | $ | 7,955,214 | ||||
GLOBAVEND HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED SEPTEMBER 30, 2022, 2023 AND 2024
(US$, except share data, or otherwise note)
| For the year ended September 30, | ||||||||||||
| 2022 | 2023 | 2024 | ||||||||||
| Revenue | 24,021,196 | 18,586,528 | 16,540,179 | |||||||||
| Cost of revenue | 16,621,775 | 10,521,866 | 7,223,445 | |||||||||
| Cost of revenue – related party | 5,993,543 | 6,159,075 | 6,897,332 | |||||||||
| Cost of revenue | 22,615,318 | 16,680,941 | 14,120,777 | |||||||||
| Gross Profit | 1,405,878 | 1,905,587 | 2,419,402 | |||||||||
| Operating expenses: | ||||||||||||
| General and administrative expenses | 588,732 | 758,726 | 1,079,349 | |||||||||
| Total operating expenses | $ | 588,732 | $ | 758,726 | $ | 1,079,349 | ||||||
| Income from operations | $ | 817,146 | $ | 1,146,861 | $ | 1,340,053 | ||||||
| Other income: | ||||||||||||
| Interest income | 108 | 3,481 | 68,205 | |||||||||
| Interest expense | (2,755 | ) | (1,066 | ) | (2,393 | ) | ||||||
| Other income | 122,289 | 120,367 | 156,953 | |||||||||
| Total other income | 119,642 | 122,782 | 222,765 | |||||||||
| Income before income taxes | $ | 936,788 | $ | 1,269,643 | $ | 1,562,818 | ||||||
| Income taxes provision | 126,561 | 192,251 | 223,810 | |||||||||
| Net income attributable to Globavend Holdings Limited | $ | 810,227 | $ | 1,077,392 | $ | 1,339,008 | ||||||
| Comprehensive income | $ | 810,227 | $ | 1,077,392 | $ | 1,339,008 | ||||||
| Earnings per share - Basic and diluted | $ | 0.06 | $ | 0.08 | $ | 0.09 | ||||||
| Weighted Average Basic and Diluted Number of Ordinary Shares Outstanding* | 13,125,000 | 13,125,000 | 14,559,582 | |||||||||
| * | Shares presented on a retroactive basis to reflect the reorganization. |
