iWOW Technology's net profit falls by 57% in H1

Earnings per share stood at $0.05.

iWOW Technology Limited’s net profit fell by 57% to $122,000 in the first half of the year due to rising employee and operating costs.

In a bourse filing, the company reported a slight dip in revenue, coming in at $17.1m compared to $17.3m during the same period last year.

The group's Internet of Things-as-a-Service (IaaS) and Wireless Engineering Solutions (WES) segments showed growth, partially offsetting declines elsewhere.

IaaS revenue rose to $3.4m, driven by higher demand for smart metering and electronic monitoring services. The WES segment posted an 11% increase, reaching $9.9m, aided by the $20m Smart City Infrastructure contract secured in July 2023.

Conversely, revenue from smart city solutions dropped by 34% to $300,000, and datacomm and enterprise solutions revenue fell 18% to $2.7m, reflecting shifting market demands. The trading and others category saw a 55% decrease to $800,000.

Earnings per share decreased to $0.05, down from $0.11 in the previous year. 

Looking ahead, iWOW plans to leverage the growing demand for digital transformation, including Internet of Things as industries and governments continue to adopt technologies to drive urbanisation.