Revenue for the year also fell by 5.4% y-o-y to $578.5 million due to “challenging economic conditions” and “sector-wide profit downgrades”, noted the group in its results statement released on Feb 22. However, its profit margin remained relatively firm at 11.4%, 0.4 percentage points lower than FY2022’s 11.8%.
If 2023 was a “challenging year” for HRnetGroup, 2024 has been a “gritty year” so far, according to Adeline Sim, the company’s executive director and chief legal officer.
For the FY2023 ended Dec 31, 2023, HRnetGroup reported earnings of $63.6 million, 5.9% lower than its FY2022 earnings of $67.5 million.
