YY Group reports FY24 revenue $41M vs. $31.8M last year

The company said, “In 2024, YY Group (YYGH) delivered robust performance across its business segments, reflecting continued execution of strategic priorities and growing demand across key markets. Revenue grew to $41.1M, driven by the successful scale-up of on-demand workforce solutions across new and existing markets, continued regional expansion, and sustained growth in the Group’s integrated facility management business as a stable core segment. Gross profit increased by approximately 44% year-on-year to $5.26M, supported by greater business scale and disciplined execution, with gross margins remaining stable. In April 2024, the Group completed its initial public offering, raising gross proceeds of $4.5M and strengthening its capital base for geographic expansion, technology development, and organizational growth. The company recorded an operating loss of $4.14M, primarily due to a one-time, non-cash share-based compensation expense of $5.16M. This expense, which relates to the 2023 Share Incentive Plan, reflects the issuance of equity awards to employees, executives, and advisors as part of the Company’s IPO and aligns long-term interests with shareholders, without affecting cash flow. Excluding this item, underlying operational performance remained stable and in line with management expectations. As of December 31, 2024, YY Group maintained a positive working capital position of $5.5M, with cash balances of $836,907 and total assets of $15.4M, up from $10.7M a year earlier.”