Greenpro Capital Corp. reported a total revenue of $3.5 million for the fiscal year ending December 31, 2024, reflecting a slight increase from $3.48 million in 2023. The revenue growth was primarily driven by the introduction of digital platform services, which generated $327,802 in 2024, compared to no revenue from this segment in the previous year. However, the company recorded a net loss of $725,827 for 2024, a significant decline from a net income of $1.05 million in 2023, which was bolstered by a substantial reversal of impairment on investments.
The company's operational expenses decreased to $4.47 million in 2024 from $4.98 million in 2023, largely due to reduced general and administrative costs. The cost of service revenue also saw a decline, amounting to $355,120 in 2024 compared to $534,965 in 2023. This reduction in costs contributed to a gross profit of $3.07 million, up from $2.91 million the previous year. Despite these improvements, the overall financial performance indicates ongoing challenges, as the company continues to grapple with an accumulated deficit of $37.26 million.
Strategically, Greenpro has been expanding its digital offerings, particularly through its subsidiary Green-X Corp., which operates a digital asset exchange platform. The company has also focused on enhancing its corporate finance services and developing a new online financial information platform, ADAQ, aimed at connecting emerging companies with potential investors. These initiatives are part of a broader strategy to diversify revenue streams and improve profitability.
As of December 31, 2024, Greenpro employed 48 individuals across its operations in Malaysia, China, and Hong Kong. The company has not reported any significant changes in employee headcount compared to the previous year. The management anticipates that the digital business segment will continue to grow, contributing positively to future revenues. However, the company remains cautious about its financial outlook, given the substantial losses and the need for ongoing financial support from shareholders.
Looking ahead, Greenpro's management has expressed a commitment to improving profitability and exploring additional financing options. The company is also focused on compliance with evolving regulatory requirements in the regions it operates, particularly in light of recent changes in laws affecting foreign investments and data security in China. The ability to navigate these challenges will be crucial for Greenpro as it seeks to stabilize its financial position and capitalize on growth opportunities in the digital and venture capital sectors.
About Greenpro Capital Corp.
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