Jocom Holdings Corp. Reports Net Profit of $68,519 for Fiscal Year 2024

Jocom Holdings Corp. reported a net profit of $68,519 for the fiscal year ending December 31, 2024, a significant turnaround from a net loss of $156,891 in the previous year. The company generated total revenue of $24,000 for both 2024 and 2023, attributed to service fees from data analytic services provided to a single client, Jocom Mshopping Sdn Bhd, an e-commerce platform operator in Malaysia. The increase in profitability was primarily due to a reversal of over-accruals of operating expenses and a reversal of provisions for doubtful debts, which contributed to a total other income of $131,674 in 2024, compared to $36,232 in 2023.

In terms of operational changes, Jocom Holdings made strategic acquisitions, including the purchase of JHC Digital Sdn. Bhd. in June 2024, which aims to expand its e-commerce and logistics capabilities. The company continues to focus on its proprietary data analytic software, the "JOCOM AI Smart Platform," which analyzes customer behavior and optimizes product placements for grocery retailers. The platform is currently in use by one client, with plans to expand its customer base across Southeast Asia.

The company reported a decrease in general and administrative expenses, which fell to $87,155 in 2024 from $217,123 in 2023. This reduction reflects a more streamlined operational approach as the company seeks to improve its financial health. As of December 31, 2024, Jocom Holdings had cash and cash equivalents of $2,481, a notable increase from $134 in the previous year, indicating improved liquidity. The company also reported net cash provided by operating activities of $2,280, a recovery from the $115,318 used in the prior year.

Jocom Holdings Corp. currently employs two full-time staff members, including its CEO and CFO, and plans to expand its workforce as operations grow. The company is positioned to leverage its technology to enhance customer engagement and streamline logistics, which it identifies as critical for retaining customers in the competitive grocery market. Looking ahead, Jocom Holdings aims to enhance its product offerings and expand its market presence, although it acknowledges the need for additional financing to support its growth initiatives.

The company remains cautious about its future, noting that it has an accumulated deficit of $644,528 and a capital deficiency of $68,561 as of year-end 2024. Management believes that continued financial support from shareholders and potential external financing will be necessary to meet its operational needs and sustain growth. However, the company has not established any credit facilities and recognizes the inherent risks associated with its financial position and market conditions.