Globavend (Nasdaq: GVH) Reports FY2024 Net Income Growth of 24% Y/Y, Announces FY2024 Results
Rhea-AI Summary
Globavend (NASDAQ: GVH), an e-commerce logistics services provider, has announced its fiscal year 2024 financial results, highlighting significant growth in key metrics. The company reported a 24% year-over-year increase in net income, reaching $1.34 million. Other notable financial achievements include a 13% growth in earnings per share to $0.09 and revenue of $16.5 million with a gross profit margin of 14.6%.
CEO Frank Yau attributed the strong performance to the team's dedication and the company's ability to adapt to market conditions, emphasizing their commitment to delivering value to customers and stakeholders.
Positive
- Net income increased 24% year-over-year to $1.34 million
- EPS grew 13% to $0.09
- Revenue reached $16.5 million with 14.6% gross profit margin
Negative
- None.
Insights
The FY2024 results reveal both strengths and challenges in Globavend's business model. With revenue of
The divergence between net income growth (
A deeper analysis of the revenue-to-market cap ratio reveals an interesting dynamic. With a market capitalization of approximately
The e-commerce logistics sector typically requires substantial capital investment for automation and infrastructure. Given Globavend's current scale, the company may face challenges competing with larger, better-capitalized rivals who can achieve superior economies of scale. The modest gross margin suggests pricing power and potential difficulties in funding future growth initiatives without additional external capital.
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
“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 of14.6% .
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
project@globavend.com (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, | 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. |
FAQ
What was Globavend's (GVH) net income growth in FY2024?
What is Globavend's (GVH) earnings per share for FY2024?
What was Globavend's (GVH) revenue and profit margin in FY2024?
How did Globavend (GVH) perform financially in FY2024 compared to FY2023?
