Asia Pacific Wire & Cable Corporation Limited Announces Full Year 2024 Financial Results and Filing of Annual Report on Form 20-F for 2024
Rhea-AI Summary
Asia Pacific Wire & Cable (NASDAQ: APWC) has reported its full year 2024 financial results, showing mixed performance. Revenues increased 11.0% to $472.7 million from $425.8 million in 2023, with growth across all segments. Operating profit surged 546.5% to $10.0 million, up from $1.5 million in 2023.
By segment: Thailand revenue grew 4% to $172.8 million, driven by power cables sales and government projects. North Asia revenue increased 24% to $72.6 million, boosted by new customers and drone motor wire production. Rest of World revenue rose 14% to $227.3 million, with strong performance in Australia's construction sector and Singapore's public projects.
However, net income declined 9.9% to $3.5 million, with earnings per share dropping 10.5% to $0.17. Operating margins varied significantly: Thailand improved from -1.27% to 4.13%, North Asia decreased from 3.06% to -0.61%, and ROW declined from 4.31% to 2.29%.
Positive
- Revenue growth of 11.0% to $472.7 million
- Operating profit surge of 546.5% to $10.0 million
- Thailand segment operating margin improved from -1.27% to 4.13%
- North Asia revenue increased 24% with expansion into drone motor wires
- Strong performance in Australia construction sector and Singapore public projects
Negative
- Net income declined 9.9% to $3.5 million
- Earnings per share decreased 10.5% to $0.17
- North Asia operating margin dropped from 3.06% to -0.61%
- ROW segment operating margin declined from 4.31% to 2.29%
News Market Reaction – APWC
In the trading session that priced this news, APWC gained 1.27%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
TAIPEI, Taiwan, April 02, 2025 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC) ("APWC" or the "Company"), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, today announced that on March 31, 2025, it filed with the U.S. Securities and Exchange Commission its annual report on Form 20-F (the "2024 Annual Report") for the year ended December 31, 2024 and reported its financial results for the twelve months ended December 31, 2024. Unless otherwise indicated, all data are reported in U.S. Dollars at the exchange rate prevailing on the date of the event or result reported.
| Full Year 2024 Financial Results (Ended December 31, 2024) and 2023 comparative results | ||||
| Full Year 2024 | Full Year 2023 | CHANGE | ||
| Revenues | ||||
| Operating Profit | ||||
| Net Income | (9.9)% | |||
| EPS (1) | (10.5)% | |||
| (1) The calculation of the earnings per share is based on 20,616,227 basic and diluted weighted average common shares issued and outstanding for the twelve months ended December 31, 2024 and December 31, 2023. | ||||
Full Year 2024 Results
Revenues for the twelve months ended December 31, 2024 were
Operating profit of the Company for the twelve months ended December 31, 2024 was
We encourage shareholders to review our 2024 Annual Report filed with the U.S. Securities and Exchange Commission, and to visit the Company's website for further information (www.apwcc.com). Information on the Company's website or any other website does not constitute a portion of this release.
About Asia Pacific Wire & Cable Corporation Limited
Asia Pacific Wire & Cable Corporation Limited is a holding company incorporated in Bermuda with principal executive offices in Taiwan. Through its subsidiaries, the Company is principally engaged in the manufacture and distribution of full range of power cables, telecommunications fiber optic cables, electronic and winding wires in Thailand, Singapore, Australia, the Greater China region and certain other markets in the Asia Pacific region. The Company also provides project engineering services in the supply, delivery and installation of high-voltage cables in power distribution infrastructure projects. The Company’s major customers include appliance component manufacturers, electrical wire and cable dealers and distributors.
As global trade dynamics continue to evolve, the Company is proactively working with existing customers and supply chain partners in evaluating opportunities to expand its global operations, with a primary focus on the Americas and South Asia. Such plans are in the preliminary stages and require further feasibility studies. The Company is strengthening its core business by advancing its capabilities beyond high-performance wires and cables. The Company is actively exploring adjacent opportunities in renewable energy (solar power), next-generation energy storage solutions (vanadium redox flow batteries), as well as electric power systems (EV charging, powertrain modules, and wire harnesses), aligning with the growing demand for sustainable infrastructure.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the Company, its business, and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes”, “anticipates”, “expects”, “estimates”, “intends”, “plans” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as believed, anticipated, expected, estimated, intended or planned. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s reports filed with the U.S. Securities and Exchange Commission and available on the website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
Investor Relations Contact:
Pacific Holdings Group
2901 Dallas Parkway, Suite 360
Plano, TX 75093
Attn: Paul Weber
Phone: (469) 797-7191
Email: pweber@pusa.com
