VEEM Ltd Announces Record Financial Growth in FY24

Veem Ltd (AU:VEE) has released an update.

VEEM Ltd reported a robust financial performance for FY24, with a 70% surge in net profit after tax (NPAT) to $7.0 million and a revenue increase of 35% to $80.6 million, marking a record for the company. The increase is attributed to expanded propeller capacity and a significant rise in gyro sales, alongside a new exclusive license agreement with Sharrow Engineering. The company’s strong results are supported by a total defense revenue increase of 23% and substantive investments in R&D and capital expenditures to maintain its competitive edge.

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