iWow Technology has reported 54% higher y-o-y net profit to $2.4 million for 1HFY2023 ended September, in the absence of the listing expenses incurred the year prior.
This means adjusted net profit grew 14% y-o-y from $2.1 million in 1HFY2022. iWow began trading its shares in April.
Revenue, meanwhile, shrank 3% y-o-y to $17.1 million for the same period. This comes on the back of lower revenue from the Smart City Solutions (SCS) segment, which was partially offset by growth in the IoT-as-a-Service (IaaS) and Trading & Others segments, says the company on Nov 14.
Revenue for SCS declined 15% y-o-y to $12.9 million due to lower sales for Trace Tokens and installation works for Alarm Alert System due to project completion. Recurring maintenance subscriptions from the newly installed Alarm Alert System buttons will contribute to the growth of the IaaS revenue, adds the company.
The group generated positive operating cashflow of $4.1 million for 1HFY2023. Cash and cash equivalent stood at $13.1 million as of Sept 30, resulting in a net cash position of $12.3 million.
Raymond Bo, CEO and executive director of iWow, says: “We are pleased to report sustained momentum in our financials for 1H2023 due to favourable sales mix. We believe our stronger net cash position will provide us with a sufficient war chest for regional expansion. Given our R&D capabilities as an integrated wireless IoT solutions provider, we are confident that the Group will remain a forerunner in offering solutions to address sustainability, ageing demographics, and rapid urbanisation issues.”
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With a significant part of its business exposed to the business-to-government (B2G) space, iWow is optimistic about its long-term structural growth, as the Group continues to leverage on opportunities that arise from the Singapore government’s Smart Nation projects and initiatives.
In November, iWow’s Eldercare IoT solution — a personal alert button — was featured during a ministerial community visit to Yio Chu Kang as part of Singapore’s “first dementia-friendly constituency”. Since 2019, iWow has successfully deployed close to 20,000 personal alert buttons across Singapore.
The Group is also gearing up for its next phase of growth, which includes plans to expand its geographical reach, as well as strategic acquisitions of complementary businesses to enhance its product portfolio, says iWow.
Shares in iWow closed 0.5 cents higher, or 2.04% up, at 25 cents on Nov 14.
