In FY2024, ESGL and its subsidiaries achieved a significant recovery, driven by effective execution strategies, disciplined cost control, and advancements in circular product lines. Notable achievements include the return to profitability of its core subsidiary, Environmental Solutions. The company's net loss dramatically decreased from $95.0 million in FY2023 to just $0.6 million in FY2024, representing a near total reduction. Adjusted EBITDA saw a remarkable rise of over 200%, climbing from $965,000 to $2.3 million. Additionally, the loss per share was significantly reduced from $14.70 to $0.02.
CEO & Chairman Quek Leng Chuang highlighted the pivotal nature of FY2024 for ESGL, emphasizing the successful alignment of sustainability with profitability. The company's strategic moves now set a solid foundation for enduring growth and environmental contributions. The turnaround was further bolstered by reductions in inventory and logistics costs, coupled with the elimination of one-time expenses related to listing activities in the previous fiscal year.
Moreover, ESGL initiated commercial sales of innovative circular products, including NEWSPAR, NEWEARTH, and NEWCHEM, developed through its unique waste-to-resource processes, signaling a positive trajectory for the future.
