Ossia International (O08) H2 2024 earnings summary

Executive summary

• FY2024 revenue was $30.17m, broadly flat YoY; net profit fell to $6.59m from $10.07m, mainly reflecting a lower share of associate results and higher distribution costs.

• Taiwan local-currency revenue increased by NTD36.91m to NTD704.74m, while reported SGD revenue was affected by NTD weakening against SGD.

Financial highlights

• Revenue was $30.170m vs $30.196m; gross profit was $17.251m vs $16.931m.

• Operating profit was $2.856m vs $3.656m; profit before tax was $8.174m vs $11.599m; net profit was $6.589m vs $10.073m.

• Owners’ profit was $6.587m vs $10.073m; basic and diluted EPS was 2.61 cents vs 3.99 cents.

• Distribution costs rose to $9.683m from $8.871m, linked to outsourced warehouse operations and higher sales incentives; administrative expenses rose to $4.911m from $4.733m.

• Share of associate results declined to $5.065m from $7.883m; additional costs for brand licensing agreements reduced associate profitability.

Outlook and guidance

• Operations and strategies are being adjusted to better align with market expectations; inventory was built for upcoming spring-summer collections and anticipated customer demand.

• Sustainability targets include net-zero GHG emissions by 2050; FY2024 Scope 2 emissions fell 8%, while energy intensity decreased 9.5%.