PERTH, AUSTRALIA, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Globavend Holdings Limited (“Globavend” or the “Company”) (NASDAQ: GVH), an emerging e-commerce logistics services provider, today announced its financial results for the fiscal year 2024. The Company has recorded a significant growth of 24% in its net income, marking a successful year for the organization.
“We are thrilled to announce our financial results for the fiscal year 2024, which reflect our commitment to delivering value to our customers and stakeholders,” said Frank Yau, CEO of Globavend. “Our strong net income growth is a testament to the hard work and dedication of our team, as well as our ability to adapt to the changing market conditions.”
Financial Highlights
Net income grew 24% year-over-year to $1.34 million
Earnings per share (“EPS”) grew 13% year-over-year to $0.09
Revenue of $16.5 million, representing a gross profit margin of 14.6%.
About Globavend Holdings Limited
Globavend Holdings Limited, an emerging e-commerce logistics provider, offers end-to-end logistics solutions in Hong Kong, Australia, and New Zealand. The Company primarily serves enterprise customers, including e-commerce merchants and operators of e-commerce platforms, facilitating business-to-consumer (B2C) transactions. As an e-commerce logistics provider, Globavend delivers integrated cross-border logistics services from Hong Kong to Australia and New Zealand. It provides customers with a comprehensive solution, encompassing pre-carriage parcel drop-off, parcel consolidation, air-freight forwarding, customs clearance, on-carriage parcel transportation, and final delivery.
Forward-Looking Statement This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 20-F for the year ended September 30, 2024, which is on file with the SEC and are available on our investor relations website at https://globavend.com/ and on the SEC website at www.sec.gov, as well as the subsequent Current Reports on Form 6-K or other filings with the SEC. Readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We undertake no duty to update this information unless required by law.
For investor and media inquiries, please contact: Globavend Holdings Limited Wai Yiu Yau, Chairman and CEO project@globavend.com (61) 8 6141 3263
GLOBAVEND HOLDINGS LIMITED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2023 AND 2024 (US$, except share data, or otherwise note)
As of September 30,
2023
2024
US$
US$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
554,132
$
2,296,462
Accounts receivable, net
1,429,299
1,684,644
Deposits and prepayment
17,566
203,178
Deposits and prepayment – related party
169,834
-
Deferred costs
1,306,441
374,286
Contract assets
543,838
897,409
Total current assets
$
4,021,110
$
5,455,979
NON-CURRENT ASSETS
Property, plant, equipment, net
$
13,274
$
123,101
Right-of-use assets, operating lease
119,881
32,711
Deposits and prepayment
320,513
1,743,423
Deposits – related party
-
600,000
Total non-current assets
$
453,668
$
2,499,235
TOTAL ASSETS
$
4,474,778
$
7,955,214
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable
$
2,601,253
$
649,183
Accounts payable – related party
-
1,627,269
Other payables and accrued liabilities
1,096,016
235,193
Amount due to a director
-
8,586
Taxes payables
155,210
224,438
Operating lease liabilities - current
$
39,886
41,019
Total current liabilities
$
3,892,365
$
2,785,688
Non-current liabilities
Operating lease liabilities – non-current
80,237
-
Total non-current liabilities
$
80,237
$
-
TOTAL LIABILITIES
$
3,972,602
$
2,785,688
Commitments
-
EQUITY
Ordinary shares, $0.001 par value, 50,000,000 shares authorized, 13,125,000 shares issued and outstanding as of September 30, 2023 and 14,931,123 shares issued and outstanding as of September 30, 2024
13,125
14,931
Subscription receivable
(13,125
)
(13,125
)
Additional paid-in capital
128,205
3,454,741
Retained earnings
373,971
1,712,979
Total shareholders’ equity
$
502,176
$
5,169,526
TOTAL LIABILITIES AND EQUITY
$
4,474,778
$
7,955,214
GLOBAVEND HOLDINGS LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEARS ENDED SEPTEMBER 30, 2022, 2023 AND 2024 (US$, except share data, or otherwise note)
For the year ended September 30,
2022
2023
2024
Revenue
24,021,196
18,586,528
16,540,179
Cost of revenue
16,621,775
10,521,866
7,223,445
Cost of revenue – related party
5,993,543
6,159,075
6,897,332
Cost of revenue
22,615,318
16,680,941
14,120,777
Gross Profit
1,405,878
1,905,587
2,419,402
Operating expenses:
General and administrative expenses
588,732
758,726
1,079,349
Total operating expenses
$
588,732
$
758,726
$
1,079,349
Income from operations
$
817,146
$
1,146,861
$
1,340,053
Other income:
Interest income
108
3,481
68,205
Interest expense
(2,755
)
(1,066
)
(2,393
)
Other income
122,289
120,367
156,953
Total other income
119,642
122,782
222,765
Income before income taxes
$
936,788
$
1,269,643
$
1,562,818
Income taxes provision
126,561
192,251
223,810
Net income attributable to Globavend Holdings Limited
$
810,227
$
1,077,392
$
1,339,008
Comprehensive income
$
810,227
$
1,077,392
$
1,339,008
Earnings per share - Basic and diluted
$
0.06
$
0.08
$
0.09
Weighted Average Basic and Diluted Number of Ordinary Shares Outstanding*
13,125,000
13,125,000
14,559,582
*
Shares presented on a retroactive basis to reflect the reorganization.
