AFC Group (AFC) H2 2024 earnings summary

Executive summary

• Revenue increased 23% to $1,324,402 for the year ended 31 March 2024, following 159% growth in FY2023, driven by market expansion and distributor partnerships.

• Net profit reached $53,911, a turnaround from a $178,421 loss in the prior year; net loss attributable to shareholders narrowed to $7,485 from $145,171.

• No dividends were declared or paid for the year.

• The company is exploring new business opportunities, including entry into the mobile building market in New Zealand.

• Strategic focus remains on expanding market footprint, operational efficiency, and long-term shareholder value.

Financial highlights

• Gross profit rose to $969,318 from $752,837 year-over-year; gross margin improved.

• Operating profit was $128,130, reversing a prior operating loss of $101,832.

• Total assets increased to $2,003,208 from $1,882,193; equity improved to $428,380 from $374,469.

• Cash and cash equivalents at year-end were $26,181, up from $4,963.

• Basic and diluted EPS was $(0.00000), compared to $(0.00004) last year.

Outlook and guidance

• The company expects continued growth and enhanced shareholder value in FY2025, with a focus on new business lines and market expansion.

• Anticipates revenue growth from the mobile building business and recovery in wine and cosmetic mask sales.