APi Group Corporation reported a net revenue of $7,018 million for the fiscal year ending December 31, 2024, marking a 1.3% increase from $6,928 million in the previous year. The company's gross profit rose to $2,178 million, a 12.3% increase from $1,940 million in 2023, driven by improved pricing strategies and operational efficiencies. Net income also saw significant growth, reaching $250 million, up 63.4% from $153 million in 2023. This increase in profitability was attributed to enhanced gross margins, which improved to 31.0% from 28.0% in the prior year, alongside a disciplined approach to customer and project selection.
In 2024, APi Group completed 13 acquisitions, with a total purchase consideration of $821 million. The acquisitions contributed to revenue growth, particularly within the Safety Services segment, which generated $5,227 million in net revenues, up 7.3% from the previous year. However, the Specialty Services segment experienced a decline in revenues, falling 13.5% to $1,798 million, primarily due to project delays and strategic customer selection. The company plans to realign its segments in 2025, moving its HVAC business from Safety Services to Specialty Services to better reflect operational synergies.
Operationally, APi Group maintained a workforce of approximately 29,000 employees and reported a strong customer base with no single customer accounting for more than 5% of total revenues. The company emphasized its commitment to safety, achieving an OSHA recordable rate of 0.97, significantly lower than the industry average of 2.3. The company also reported a total liquidity of $993 million as of December 31, 2024, which includes $499 million in cash and cash equivalents, indicating a solid financial position to support future growth initiatives.
Looking ahead, APi Group expressed optimism about its growth trajectory, driven by ongoing investments in leadership development and a focus on organic growth through maintenance and inspection services. The company anticipates continued demand for its services, bolstered by regulatory requirements and infrastructure investments, particularly in the U.S. The management remains committed to executing its disciplined acquisition strategy while navigating potential economic challenges and market fluctuations.
About APi Group Corp
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