MWG Multi Ways Holdings Limited

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2024

 

Commission File Number: 001-41669

 

Multi Ways Holdings Limited

(Translation of registrant’s name into English)

 

3E Gul Circle

Singapore 629633

+65 6287 5252

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

 

 

EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Interim Earnings Result for the Six Months Ended June 30, 2024
99.2		Press Release - Multi Ways Holdings Announces First Half 2024 Unaudited Financial Results, Provides Corporate Updates

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: December 31, 2024	Multi Ways Holdings Limited
	By:	/s/ Lim Eng Hock
	Name:	Lim Eng Hock
	Title:	Chief Executive Officer and Director

 

 

 

Exhibit 99.1

 

Multi Ways Holdings Limited and Subsidiaries.

(Incorporated in Cayman Islands)

(Company Registration No.: CT-391248)

 

Interim Earnings Result for the six months ended

30 June 2024

 

Multi Ways Holdings Limited (“Multi ways” or the “Company”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced its unaudited financial results for the six months ended June 30, 2024.

 

Financial Highlights for the First Half of Fiscal Year 2024

 

		For the Six Months Ended June 30,
($ millions, except per share data)		2024				2023				% Change
Revenue		$	14.09			$	14.37				-1.95	%
Gross profit		$	4.66			$	4.29				8.62	%
Gross profit margin			33.09	%			29.85	%			10.85	%
Income/(Loss) from operations		$	0.54			$	(4.65	)			n.m
Operating profit margin			3.83	%			-32.34	%			n.m
Net income/(Loss)		$	0.08			$	(4.75	)			n.m
Basic & Diluted earnings per share($ cents)			0.25				(17.13	)			n.m
Net book value per share		$	0.70			$	0.54				29.63	%

 

●

Revenue marginally decreased 1.95% to approximately $14.09 million for the six months ended June 30, 2024 from approximately $14.37 million for the six months ended June 30, 2023. The decreased was mainly attributable to the constraint on containers supply.

 

●

Gross profit increased by 10.85% to approximately $4.66 million for the six months ended June 30, 2024 from approximately $4.29 million for the six months ended June 30, 2023. Gross profit margin was 33.09% for the six months ended June 30, 2024, compared to 29.85% for the six months ended June 30, 2023. The increased of gross profit was primarily attributable to proportionate of revenue contributed by Rental equipment segment was relatively higher.

 

●

Income from operations were approximately $0.54 million for the six months ended June 30, 2024, compared to Loss from operations of approximately $4.65 million for the six months ended June 30, 2023. The operating profit margin was 3.83% for the six months ended June 30, 2024, compared to operating loss margin of 32.34% for the six months ended June 30, 2023. The increase of operating profit margin was primarily attributable to the non-recurring of fee in connection with the initial public offering exercise incurred for the six months ended June 30, 2023.

 

●

Net Income was approximately $0.08 million for the six months ended June 30, 2024, compared to net loss of approximately $4.75 million for the six months ended June 30, 2023.

 

●

Net book value per share was $0.70 as of June 30, 2024, compared to $0.54 as of June 30, 2023.

 

Financial Results for the First Half of Fiscal Year 2024

 

Revenue

 

Revenue decreased marginally of approximately $0.28 million or 1.95% to approximately $14.09 million for the six months ended June 30, 2024 from approximately $14.37 million for the six months ended June 30, 2023. The decrease was largely attributable to constraint on containers supply for the six months ended June 30, 2024.

 

 

Gross Profit

 

Our gross profit increased by approximately $0.37 million, or 8.62%, to approximately $4.66 million for the six months ended June 30, 2024 from approximately $4.29 for the six months ended June 30, 2023. Gross profit margin was 33.09% for the six months ended June 30, 2024, as compared to 29.85% for the six months ended June 30, 2023. The increased of gross profit was primarily attributable to proportionate of revenue contributed by Rental equipment segment was relatively higher.

 

Selling and Distribution Expenses

 

Total selling and distribution expenses was approximately $0.73 million for the six months ended June 30, 2024, compared to approximately $0.50 million for the six months ended June 30, 2023. Selling and distribution expenses increased by approximately $0.23 million or 46.00%, during the six months ended June 30, 2024 compared to the six months ended June 30, 2023. The increase was mainly attributable to the additional space storage rented, after disposal the property on second half of 2023.

 

General and Administrative expenses

 

Total general and administrative expenses was approximately $3.40 million for the six months ended June 30, 2024, compared to approximately $8.44 million for the six months ended June 30, 2023. General and administrative expenses decreased by approximately $5.04 million or 59.72% for the six months ended June 30, 2024 compared to the same period in 2023. The decrease was primarily due to non-recurring of fee in connection with the initial public offering exercise incurred for the six months ended June 30, 2023.

 

Income/(loss) from Operations

 

As a result of the factors described above, total operating income was approximately $0.54 million for the six months ended June 30, 2024, compared to operating loss of approximately $4.65 million for the six months ended June 30, 2023.

 

Other Income (Expenses)

 

Total other expenses, net, were approximately $0.46 million for the six months ended June 30, 2024, compared to other expenses of approximately $0.09 million for the six months ended June 30, 2023. The relatively increase of other expenses was primarily attributable to the absent of approximately US$0.22 million rental income from sublet property at 22 Gul Circle after disposed it second half of 2023 and non-recurring of approximately US$0.10 million insurance compensation received in respect of damages to crawler tower crane.

 

Net Income (loss) before income taxes

 

As a result of the factors described above, net income before income taxes was approximately $0.08 million for the six months ended June 30, 2024, compared to net loss before income taxes of approximately $4.73 million for the six months ended June 30, 2023.

 

Financial Condition as of June 30, 2024

 

As of June 30, 2024, cash and cash equivalents, restricted cash and short-term investments totalled $3.91 million, compared to $7.32 million as of December 31, 2023. Short-term bank borrowings were $10.44 million as of June 30, 2024, compared to $4.59 million as of December 31, 2023.

 

Accounts receivable was $7.64 million as of June 30, 2024, compared to $5.34 million as of December 31, 2023. Inventories were $42.27 million as of June 30, 2024, compared to $36.69 million as of December 31, 2023. Accounts payables and accrued liabilities were $3.79 million as of June 30, 2024, compared to $4.76 million as of December 31, 2023.

 

Total current assets and current liabilities were $60.32 million and $40.14 million, respectively, leading to a current ratio of 1.50 as of June 30, 2024. This compared to total current assets and current liabilities were $52.38 million and $31.48 million, respectively, and current ratio of 1.66 as of December 31, 2023.

 

 

Cashflows for the First Half of Fiscal Year 2024

 

Cash flows from operating activities

 

For the financial period ended June 30, 2024, our net cash used in operating activities was approximately $8.03 million, which primarily consisted of our net income before income tax of approximately $0.08 million, adding back (i) the non-cash depreciation of property, plant and equipment and right-of-use assets of approximately $0.57 million; (ii) interest expenses approximately $0.69 million; (iii)) the increase in accounts payables and accrued liabilities of approximately $2.04 million but partially offset by (a) the gain on disposal of property, plant and equipment of approximately $0.05 million; (b) the written back of inventories of approximately $0.12 million; (c) the increase of account receivables of approximately $2.45 million; (g) the increase on inventory of approximately $5.47 million and (d) the increase of deposits & other receivables of approximately $3.31 million.

 

Cash flows from investing activities

 

For the financial period ended June 30, 2024, our net cash used in investing activities was approximately $0.18 million, primarily consisting of the purchases of property, plant and equipment of approximately $0.53 million; and the investment in financial assets available for sales of approximately $0.02 million but mitigated by the proceeds from property, plant and equipment of approximately $0.36 million and proceeds from disposal of investment in financial assets available for sales of approximately $0.01 million.

 

Cash flows from financing activities

 

For the financial period ended June 30, 2024, our net cash generated from financing activities of approximately $5.22 million, which mainly consisted of proceeds from bank borrowings of approximately $19.07 million; proceeds from lease liabilities of approximately $2.83 million but offset by the repayment of bank borrowings of approximately $13.55 million; repayment of lease liabilities of approximately $2.51 million and interest payments of approximately $0.63 million.

 

About Multi Ways Holdings Limited.

 

Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop.

 

For more information, please visit www.multiwaysholdings.com. For further information on the Company’s SEC filings please visit www.sec.gov.

 

Safe Harbor Statement

 

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

 

 

MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Currency expressed in United States Dollars (“US$”))

 

		June 30, 2024				Dec 31, 2023
		$’000				$’000
ASSETS
Current assets:
Cash and cash equivalents			3,656				7,073
Accounts receivable, net			7,638				5,341
Inventories			42,274				36,692
Amounts due from related parties			1,221				1,068
Financial assets available for sales			256				242
Deposits, prepayments and other receivables			5,273				1,965
Total current assets			60,318				52,381
Non-current assets:
Property and equipment, net			1,841				1,817
Right-of-use assets			1,168				1,592
Investment in equity securities			2,200				2,200
Deferred tax assets			11				11
Total non-current assets			5,220				5,620
TOTAL ASSETS			65,538				58,001
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities			3,785				4,758
Customer deposits			6,486				3,238
Amounts due to related parties			14,860				15,099
Bank borrowings			10,440				4,588
Lease liabilities			4,272				3,482
Income tax payable			300				313
Total current liabilities			40,143				31,478
Long-term liabilities:
Bank borrowings			-				431
Lease liabilities			3,700				4,265
Total long-term liabilities			3,700				4,696
TOTAL LIABILITIES			43,843				36,174
Shareholders’ equity
Ordinary share, par value US$0.00025, 400,000,000 shares authorized, 30,840,000 ordinary shares issued and outstanding			8				8
Additional paid-in capital			18,945				18,945
Retained earnings			3,101				3,024
Accumulated other comprehensive loss			(359	)			(150	)
Total shareholders’ equity			21,695				21,827
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			65,538				58,001

 

 

MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE INCOME

(Currency expressed in United States Dollars (“US$”))

 

		Six Months ended June 30,
		2024				2023
		$’000				$’000
Revenues, net			14,091				14,371
Cost of Sales			(9,428	)			(10,083	)
Gross Profit			4,663				4,288
Operating costs and expenses:
Selling and distribution			(728	)			(495	)
General and administrative			(3,395	)			(8,440	)
Total operating costs and expenses			(4,123	)			(8,935	)
Profit/(Loss) from operations			540				(4,647	)
Other Income/(expenses):-
Gain from disposal of plant and equipment			50				125
Interest income			121				3
Interest expenses			(694	)			(522	)
Dividend income			12				14
Government grants			15				17
Foreign exchange loss, net			(4	)			(73	)
Other income			38				350
Total other (expenses)/income, net			(462	)			(86	)
Profit/(loss) before income taxes			78				(4,733	)
Less: Income tax expenses			(1	)			(62	)
NET INCOME/(LOSS)			77				(4,795	)
Less: Net income attributable to Non-controlling interest (NCI)			-				50
NET INCOME/(LOSS) ATTRIBUTABLE TO EQUITY HOLDER OF THE COMPANY			77				(4,745	)
Other comprehensive (loss)/income:
Foreign currency translation adjustment			(209	)			206
COMPREHENSIVE LOSS			(132	)			(4,539	)
Net income per share
Basic and Diluted (cents)			0.3				(17.1	)
Weighted average number of ordinary shares outstanding
Basic and Diluted			30,840				27,703

 

 

MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Currency expressed in United States Dollars (“US$”), except for number of shares)

 

		Ordinary Shares								Additional				Accumulated Other								Non				Total
		No. of shares				Amount				paid-in capital				comprehensive loss				Retained earnings				Controlling Interest				shareholders’ equity
		‘000				$’000				$’000				$’000				$’000				$’000				$’000
Balance as of January 1, 2022			24,800				6				5,440				(345	)			257				-				5,358
Foreign currency translation adjustment			-				-				-				(74	)			-				-				(74	)
Net income for the year			-				-				-				-				978				50				1,028
Balance as of December 31, 2022			24,800				6				5,440				(419	)			1,235				50				6,312
Foreign currency translation adjustment			-				-				-				269				-				-				269
Net income for the year			-				-				-				-				1,789				(50	)			1,739
Issue of new shares net of deferred offering costs			6,040				2				13,505				-				-				-				13,507
Balance as of December 31, 2023			30,840				8				18,945				(150	)			3,024				-				21,827
Foreign currency translation adjustment			-				-				-				(209	)			-				-				(209	)
Net income for the year			-				-				-				-				77				-				77
Balance as of June 30, 2024			30,840				8				18,945				(359	)			3,101				-				21,695

 

 

MULTI WAYS HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS

(Currency expressed in United States Dollars (“US$”))

 

		Six Months ended June 30,
		2024				2023
		$’000				$’000
Cash flows from operating activities
Net Income/(loss) before income taxes			78				(4,733	)
Adjustment for :
- Depreciation of property, plant and equipment			166				462
- Amortisation of Right-of-Use assets			404				431
- Inventory written back			(117	)			-
- Gain on disposal of property, plant and equipment			(50	)			(84	)
- Gain on disposal of Investment available for sales			(7	)			(8	)
- Gain on fair value adjustment on Investment available for sales			(4	)			(9	)
- Interest expenses			694				305
			1,164				(3,636	)
Change in working capital
- Trade and other receivables			(2,453	)			340
- Inventories			(5,465	)			(2,485	)
- Deposits, prepayments and other receivables			(3,307	)			(1,365	)
- Accounts payables and accrued liabilities			2,041				553
Cash used in operations			(8,020	)			(6,593	)
Income tax paid			(14	)			(436	)
Net cash used in operations activities			(8,034	)			(7,029	)
Cash flows from investing activities
Purchase of property, plant and equipment			(527	)			(1,079	)
Investment in Equity securities			-				(2,200	)
Additional of Right-of-use assets			-				(879	)
Purchase of Investment available for sales			(18	)			(34	)
Proceeds from disposal of property, plant and equipment			358				121
Proceeds from Investment available for sales			10				168
Net cash used in investing activities			(177	)			(3,903	)
Cash flows from financing activities
Proceeds from share issuance			-				15,100
Proceeds from borrowings			19,074				19,279
Proceeds from lease Liabilities			2,825				3,896
Additional of ROU liabilities			-				844
Repayment of borrowings			(13,545	)			(17,872	)
Payment of principal portion of lease liabilities			(2,507	)			(5,722	)
Repayment of ROU liabilities			-				(437	)
Interest paid			(632	)			(279	)
Net cash generated from financing activities			5,215				14,809
Net (decrease)/increase in cash and cash equivalents			(2,996	)			3,877
Effect of exchange rate changes			(421	)			310
Cash and cash equivalents
Beginning of financial year			7,073				1,003
End of financial periods			3,656				5,190

 

 

 

Exhibit 99.2

 

Multi Ways Holdings Announces First Half 2024 Unaudited Financial Results, Provides Corporate Updates

 

NEW YORK, NY, December 31, 2024 (GlobeNewswire) — Multi Ways Holdings Limited (“Multi Ways” or the “Company”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announces first half 2024 unaudited financial results and provides corporate updates.

 

Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways, commented, “In the first half of 2024, we navigated a challenging landscape marked by constraint on the container supply, intensified competition, and shifting buyer preferences. Despite a marginal decrease in net revenue, it’s noteworthy that our gross profit margin improved to 33.09%, demonstrating our resilient to optimisation on our key revenue stream. We’ve also observed a growing trend of buyers opting for rentals, which account for 25.0% of our revenue. While our net income improved in the first half of 2024 was primarily attributable to the non-recurring of fee in connection with the initial public offering exercise incurred for the six months ended June 30, 2023, we have proactively adapted to these market dynamics to ensure the sustainability of our business for the rest of the year.”

 

“Looking ahead to 2025, several recent announcements related to major infrastructure projects commencing construction next year leave us optimistic about the future of our business, including expansion works on the Woodlands Checkpoint to five times its size will begin in 2025, and the first phase, comprising an extension at the Old Woodlands Town Centre and Bukit Timah Expressway, is targeted to be completed progressively from 2028.

 

“We remain dedicated to delivering value to our shareholders, customers, and employees, and are confident in our ability to navigate any challenges and seize the opportunities that lie ahead,” concluded Mr. Lim.

 

 

First Half 2024 Financial Highlights

 

● For the six months ended June 30, 2024, our net revenue marginally decreased 1.95% to $14.09 million, compared to $14.37 million for the six months ended June 30, 2023. The decrease in net revenue was largely due to several factors, including:

 

○ Disruption on the containers supply due to the middle east war.

 

○ Greater competition in the procurement of high-demand machinery due to limited supplies has led to greater lead time for machinery delivery.

 

○ Buyers being more cautious and opting for rentals – rental revenue as a percentage of total revenue increased to 25.0% in the first half of 2024 versus 14.7% in the first half of 2023.

 

● Gross profit was approximately $4.66 million, with a 33.09% profit margin, for the first six months of 2024, compared with gross profit of $4.29 million, with a 29.85% profit margin for the first six months of 2023.

 

● Net income was approximately $0.08 million for the first six months of 2024, compared with a net loss of $4.75 million for the first six months of 2023.

 

Cash Flows Summary

 

● Cash and cash equivalents were approximately $3.66 million as of June 30, 2024, compared to approximately $7.08 million as of June 30, 2023.

 

● Cash used in operating activities for the six months ended June 30, 2024, was approximately $8.03 million, compared to cash used in operating activities of approximately $7.03 million for the six months ended June 30, 2023.

 

● Cash used in investing activities for the six months ended June 30, 2024, was $0.18 million, a decrease of $3.72 million compared to cash used in investing activities of $3.90 million for the six months ended June 30, 2023, primarily consisting of non-recurring of investment in equity securities and absent of additional right-of-use assets.

 

● Cash provided by financing activities for the six months ended June 30, 2024, was approximately $5.22 million, compared to approximately $14.81 million for the six months ended June 30, 2023. On April 5, 2023, the Company completed its initial public offering, which generated gross proceeds of $15.1 million before deducting any underwriting discounts or expenses.

 

 

About Multi Ways Holdings Limited

 

Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit www.multiwaysholdings.com.

 

Safe Harbor Statement

 

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

 

Investor Relations Contact:

 

Matthew Abenante, IRC

President

Strategic Investor Relations, LLC

 

Tel: 347-947-2093

 

Email: matthew@strategic-ir.com

 

 

---