Webuy Global Ltd. (WBUY) has released an update.
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Webuy Global Ltd. reports a 15.4% increase in revenue for the first half of 2024, driven by a notable 26.8% rise in Indonesian grocery sales and the opening of a new physical store in the region. Despite this, the company faced a net loss, albeit a reduced one compared to the previous year, with an improvement in gross profit margin from 3% to 9.1% attributed to economies of scale in Indonesia. Operating expenses also rose due to increases in lease expenses, staff costs, and payment gateway fees associated with business expansion.
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