ESGL Holdings Limited Achieves Milestones in First Half 2024

Author: Riley Hayes Updated: 09-20-2024 09:43 AM

ESGL Holdings Limited Financial Performance Overview

ESGL Holdings Limited (NASDAQ: ESGL) proudly presents its impressive financial results for the six-month period ending June 30, 2024. This leading enviro-tech company, recognized for its commitment to carbon neutrality and innovative waste management practices, reflects a noteworthy transition from its previous challenges, emphasizing growth and profitability.

Key Financial Highlights

For the first half of 2024, ESGL showcases remarkable achievements:

Profitable Subsidiary Operations

In a significant milestone, ESGL's operating subsidiary has attained profitability for the first time, marking a substantial improvement from losses experienced in the first half of the previous year.

Steady Revenue Growth

ESGL reported a revenue increase to US$3.49 million, demonstrating a 2.8% growth despite ongoing regulatory challenges and fluctuations in waste volumes.

Reduction in Losses

The company improved its loss before taxation by 45.3%, down from US$590,000 in the first half of 2023 to US$322,000. This enhancement is attributed to rigorous cost management and boosted operational efficiencies.

Logistics Cost Management

ESGL effectively reduced logistics costs by US$527,000, illustrating a remarkable 66.6% decrease year-on-year, which positively impacted the company’s overall cost structure.

Operational Insights and Segment Performance

Solid Waste Thermal Processing Solutions

This segment reported an 8.15% revenue increase, driven by the diversification of waste types collected and an expanding customer base.

Liquid Waste Synthesis Solutions

Despite a 45.8% decline in revenue due to regulatory impacts on a critical customer, the company anticipates a recovery in the latter half of 2024.

Circular Products Sales

Sales from circular products decreased by 39.1% due to lower demand for base metal products, yet ESGL maintains a positive outlook for market conditions to improve.

Other Income Growth

Foreign exchange gains contributed an additional US$93,000 in other income, reflecting favorable currency movements.

Looking Ahead: Optimism for the Second Half of 2024

ESGL remains optimistic about its upcoming performance, focusing on expanding its solid hazardous waste customer segment and restoring liquid hazardous waste volumes. The company is dedicated to renewing long-term contracts with essential clients to support sustained growth and profitability.

CEO Insight

Quek Leng Chuang, CEO of ESGL, expressed pride in achieving the first profitable half-year. He emphasized the importance of operational efficiency and strategic focus, asserting confidence in continuing the path to sustained growth and long-term profitability.

About ESGL Holdings Limited

Headquartered in Singapore, ESGL Holdings Limited is committed to transforming industrial waste into sustainable circular products. Operating through its subsidiary, Environmental Solutions (Asia) Pte. Ltd., the company plays a pivotal role in advancing responsible waste management solutions while contributing positively to environmental sustainability.

Investor Relations Contact

For investor inquiries, please contact:

ESGL Holdings Limited
Investor Relations Department
Email: ir@esgl.asia
Phone: +65 6653 2299

Frequently Asked Questions

What are ESGL's key financial highlights for the first half of 2024?

ESGL's revenue reached US$3.49 million, with a significant reduction in losses to US$322,000 compared to last year.

How has ESGL performed in the waste processing sector?

ESGL experienced growth in solid waste processing but faced challenges in liquid waste synthesis due to regulatory impacts.

What is the outlook for ESGL in the second half of 2024?

The company is optimistic about regaining volumes and renewing contracts to enhance profitability.

How does ESGL manage its costs?

ESGL implemented rigorous cost management that led to a significant reduction in logistics costs by 66.6% year-on-year.

What is the significance of ESGL achieving subsidiary profitability?

This milestone reflects ESGL's strategic focus on operational efficiency and marks a crucial step toward sustainable growth.

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