SINGAPORE, May 19, 2025 (GLOBE NEWSWIRE) -- INNEOVA Holdings Limited (Nasdaq: INEO, "INNEOVA Holdings" or the "Company"), a leading Singapore-based provider of high-quality Original Equipment Manufacturer ("OEM"), third-party branded, and in-house branded replacement parts for motor vehicles and non-vehicle combustion engines, today announced its financial results for the fiscal year ended December 31, 2024.
Key Financial Highlights for Fiscal Year 2024
Revenue: $58.3 million, a 2.0% decrease from $59.5 million in the prior year. The decrease was primarily due to reduced demand in the Singapore local market.
Gross Profit: $10.9 million, comparable to $10.9 million in 2023. The gross profit margin improved slightly to 18.7% from 18.3% in the previous year, demonstrating the Company's ability to maintain pricing discipline amid market challenges.
Operating Income: $0.8 million, compared to $2.5 million in the previous year. This decrease in income reflects increased administrative expenses and selling and distribution costs.
Net Income: $0.008 million, compared to $1.6 million in 2023. The reduction in net income was primarily due to higher administrative expenses.
Operational Highlights and Recent Developments
Throughout 2024 and early 2025, INNEOVA Holdings achieved several key milestones that position the Company for future growth. These include:
Successful Initial Public Offering (IPO): Formerly known as SAG Holdings Limited, the Company announced the pricing of its IPO on October 22, 2024, and the closing on October 24, 2024 (as detailed in press releases dated October 22 and 24, 2024). This marked a significant step in its growth trajectory, with shares trading on the Nasdaq Capital Market under the symbol "SAG" at the time.
Fulfilment Center at INNEOVA Facility: On November 13, 2024, INNEOVA Industrial Pte Ltd (formerly known as Filtec Private Limited), a wholly-owned subsidiary, announced the completion of automation technology implementation in its distribution center, leveraging advanced robotics and digital solutions to enhance operational efficiency.
Rebranding to INNEOVA Holdings Limited: Effective April 28, 2025, the Company changed its name from SAG Holdings Limited to INNEOVA Holdings Limited, with its Nasdaq ticker symbol changing to "INEO". This rebranding reflects the Company's enhanced focus on engineering excellence and innovative solutions.
Acquisition of INNEOVA Engineering Pte. Ltd.: On April 30, 2025, INNEOVA Holdings announced the completed acquisition of INNEOVA Engineering Pte. Ltd. This strategic move strengthens the Company’s engineering capabilities, accelerates growth in sustainable solutions, and expands its offerings into a comprehensive, full-chain solution from components supply to customized engineering and systems integration.
"We believe that =the 2024 fiscal year and the beginning of 2025 mark a period of profound transformation and foundational growth for INNEOVA," said Mr. Jimmy Neo, Chief Executive Officer. "We are pleased with our progress in key strategic areas, including our successful IPO, our strategic rebranding to INNEOVA, and the recent acquisition of INNEOVA Engineering. These milestones underscore our commitment to innovation and expanding our capabilities in sustainable engineering. While we acknowledge the prevailing global economic uncertainties that have impacted our financial results, our performance demonstrates our business model's resilience and our team's dedication. We remain optimistic about our prospects for the remainder of 2025 as we continue executing our growth strategy and delivering value to our shareholders."
About INNEOVA Holdings
INNEOVA Holdings (formerly SAG Holdings Limited) is a leading Singapore-based provider of high-quality OEM, third-party branded, and in-house replacement parts for motor vehicles and non-vehicle combustion engines.
On-Highway (INNEOVA Automotive): We provide an extensive range of genuine OEM and aftermarket parts for passenger vehicles, trucks, and buses. Our offerings include parts from manufacturers' brands, trusted third-party labels, and our in-house brands.
Off-Highway (INNEOVA Industrial): Catering to industries like construction, marine, power generation, mining, and transportation, we offer specialized spare parts focusing on filtration systems, lubricants, batteries, and internal combustion engine components.
Engineering Services (INNEOVA Engineering): We provide system lifecycle analysis and engineering services for infrastructure and mobility platforms to generate innovative and sustainable solutions for maximum uptime and optimal total cost of ownership for our customers. Driven by Uptime, Delivered Through Expertise.
Our unwavering commitment to quality seeks to ensure that our customers experience maximum uptime, enhanced performance, and reduced total cost of ownership throughout the lifecycle of their machines. For more information, visit https://www.inneova.co.
Safe Harbor Statement
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include but are not limited to, statements relating to our expectations regarding future growth and performance. The words “anticipate,” “believe,” “seeks,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of our disclosure documents filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and INNEOVA Holdings Limited specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Investor Relations Contact: Matthew Abenante, IRC President Strategic Investor Relations, LLC Tel: 347-947-2093 Email: matthew@strategic-ir.com
