iWOW Technology profit falls 22% YoY in FY2024

However, the revenue for the period surged by 81.5%.

iWOW Technology reported a net profit of $2.8m for fiscal year 2024 (FY2024), a 22% year-on-year decrease from the previous fiscal year's $3.6m.

The decline is attributed to a weaker performance in the first half of the year due to project completion and increased hiring costs for R&D and business development.

Meanwhile, FY2024 revenue surged to $46.4m, an 81.5% increase from $25.6m in FY2023, mainly driven by Smart City Infrastructure contribution.

The group remains optimistic about its long-term growth, citing strategic opportunities in Smart Nation initiatives and increasing demand for IoT solutions in Singapore.

“Whilst FY2024 presented its fair share of hurdles, our revenue growth trajectory and strategic advancements signal brighter prospects ahead," said Raymond Bo, chief executive officer and executive director of iWOW Technology.

"With a robust order book driving our momentum, the launch of our BOP Button solidifying our foothold in the eldercare technology sector, and our steadfast commitment to R&D fostering innovative IoT solutions, we are primed to deliver sustainable growth and enduring value creation for all stakeholders,” he added.

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