Environmental Solutions reports FY24 EPS 2c vs. $14.70 last year

The Company and its subsidiaries delivered a marked turnaround in FY2024, reflecting strong execution, disciplined cost management, and early traction from its circular product lines. Key highlights include: Return to profitability for its core operating subsidiary, Environmental Solutions (ESGL); Net loss reduced by nearly 100% year-on-year, from $95.0 million in FY2023 to $0.6 million in FY2024; Adjusted EBITDA improved by over 200%, increasing from $965,000 to $2.3 million; Loss per share narrowed significantly, from $14.70 to $0.02. “FY2024 was a pivotal year for ESGL,” said Quek Leng Chuang, CEO & Chairman of ESGL. “We’ve proven that sustainability and profitability can go hand in hand. With a profitable operating subsidiary and a growing portfolio of circular products, we’re laying the foundation for long-term growth and environmental impact.” This turnaround was supported by lower inventory and logistics costs, as well as the absence of one-off listing-related expenses that were recognized in FY2023. The Group also commenced commercial sales of several new circular products – including NEWSPAR, NEWEARTH, and NEWCHEM – created through its proprietary waste-to-resource processes.