Multi Ways Holdings Ltd. has announced its financial results for fiscal year 2024, reporting a decrease in total revenue by approximately $4.9 million, or 13.7%, to $31.1 million compared to the previous year's $36.0 million. This decline was primarily driven by reduced demand in the company's equipment sales business. Despite the decrease in revenue, the company's gross profit rose to $9.7 million from $8.7 million, with an improvement in gross profit margins from 24.0% in 2023 to 31.3% in 2024. This enhancement was attributed to a strategic focus on higher-margin business segments and improved cost management. The company experienced a net loss of $2.9 million for the year ended December 31, 2024, contrasting with a net income of $1.8 million in 2023. The loss was mainly due to lower revenue, increased selling and distribution expenses, as well as share-based compensation expenses. Selling and distribution expenses increased to $1.7 million, up from $1.0 million in the previous year. Multi Ways Holdings Ltd. continues to focus on fleet renewal and expansion to meet client needs, maintaining its position as a reliable provider of heavy construction equipment in Singapore and the surrounding region.