MWG 6-K
Multi Ways Holdings Ltd (MWG)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
FORM6-K
REPORTOF FOREIGN PRIVATE ISSUER
PURSUANTTO RULE 13a-16 OR 15d-16
UNDERTHE SECURITIES EXCHANGE ACT OF 1934
Forthe month of October 2023
CommissionFile Number: 001-41669
MultiWays Holdings Limited
3EGul Circle
Singapore629633
+656287 5252
(Addressof principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
EXHIBITINDEX
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Multi Ways Holdings Limited | ||
|---|---|---|
| Date: October 31, 2023 | By: | /s/ Lim Eng Hock |
| Name: | Lim Eng Hock | |
| Title: | Chief Executive Officer and Director |
Exhibit99.1
Multi Ways Holdings Limited and Subsidiaries.
(Incorporated in Cayman Islands)
(Company Registration No.: CT-391248)
Interim Earnings Result for the six months ended
30June 2023
| Multi Ways Holdings Limited. | |
|---|---|
| **** | Exhibit 99.1 |
| First Half of Fiscal Year 2023 | For the six months ended June 30, 2023 |
MultiWays Holdings Limited announces revenue of $14.37 Millionfor the First Half of Fiscal Year 2023
Multi Ways Holdings Limited (“Multi ways” or the “Company”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced its unaudited financial results for the six months ended June 30, 2023.
FinancialHighlights for the First Half of Fiscal Year 2023
| For<br> the Six Months Ended June 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| ($ millions,<br> except per share data) | 2023 | 2022 | %<br> Change | ||||||
| Revenue | $ | 14.37 | $ | 20.09 | -28.48 | % | |||
| Gross profit | $ | 4.29 | $ | 5.60 | -23.46 | % | |||
| Gross margin | 26.84 | % | 27.88 | % | 1.96 | % | |||
| (Loss) / Income from operations | $ | (4.65 | ) | $ | 1.57 | -395.99 | % | ||
| Operating margin | -32.34 | % | 7.81 | % | -514.08 | % | |||
| Net income (loss) | $ | (4.75 | ) | $ | 1.36 | -448.38 | % | ||
| Diluted earnings per share | $ | (0.15 | ) | $ | 0.05 | -394.36 | % | ||
| Net book value per share | $ | 0.54 | $ | 0.26 | 27.90 | % | |||
| ● | Revenue<br> decreased 28.48% to $14.37 million for the six months ended June 30, 2023 from approximately<br> $20.09 million for the six months ended June 30, 2022. The decreased was due to various factors,<br> including the higher borrowing costs and tightening of bank loans for our customers and the<br> greater competition in the procurement of high-demand machinery due to limited supplies that<br> led to greater costs for the machinery. | ||||||||
| --- | --- | ||||||||
| ● | Gross<br> profit decreased by 23.46% to $4.29 million. Gross margin was 29.84% for the six months ended<br> June 30, 2023, compared to 27.88% for the six months ended June 30, 2022. The increased of<br> gross profit was primarily due to increase in services, such as refurbishment, troubleshooting<br> and repair services in Singapore. | ||||||||
| ● | Losses<br> from operations were $4.65 million for the six months ended June 30, 2023, compared to income<br> from operations of $1.57 million for the six months ended June 30, 2022. The operating loss<br> margin was 32.34% for the six months ended June 30, 2023, compared to 7.81% for the six months<br> ended June 30, 2022. The decrease of operating margin was primarily due to the completion<br> of the initial public offering, professional and advisory expenses, SEC registration fees,<br> FINRA filing fees, NYSE America listing fees; increased in depreciation of plant and equipment<br> and depreciation of rights-of-use assets. | ||||||||
| ● | Net<br> loss was $4.75 million for the six months ended June 30, 2023. This compared to net income<br> of $1.36 million for the six months ended June 30, 2022. | ||||||||
| ● | Net<br> book value per share was $0.54 as of Jun 30, 2023, compared to $0.26 as of June 30, 2022. |
| Page 1 |
| --- |
| Multi Ways Holdings Limited. | |
|---|---|
| **** | Exhibit 99.1 |
| First Half of Fiscal Year 2023 | For the six months ended June 30, 2023 |
FinancialResults for the First Half of Fiscal Year 2023
Revenue
Revenue decreased by $5,723,683 or 28.48%, to $14,370,806 for the six months ended June 30, 2023 from $20,094,489 for the six months ended June 30, 2022. The decrease was largely due to the decrease in demand from our largest customer in Australia in the amount of approximately $5.4 million of the total overall revenue during the six months ended June 30, 2023
GrossProfit
Our gross profit decreased by $1,314,550, or 23.46%, to $4,288,140 for the six months ended June 30, 2023 from $5,602,690 for the six months ended June 30, 2022. Gross profit margin was 29.84% for the six months ended June 30, 2023, as compared to 27.88% for the six months ended June 30, 2022. The increased of gross profit was primarily due to increase in service, such as refurbishment, troubleshooting and repair services in Singapore.
Sellingand Distribution Expenses
We incurred $494,501 in selling and distribution expenses for the six months ended June 30, 2023, compared to $752,196 for the six months ended June 30, 2022. Selling and distribution expenses reduced by $257,695, or 34.18%, during the six months ended June 30, 2023 compared to the six months ended June 30, 2022. Such decrease was mainly attributable to the decrease in freight costs, which were in line with the decrease in our export sales..
Generaland Administrative expenses
We incurred $8,439,900 in general and administrative expenses for the six months ended June 30, 2023, compared to $3,280,324 for the six months ended June 30, 2022. General and administrative expenses increased by $5,159,576, or 157.29%, for the six months ended June 30, 2023 compared to the same period in 2022. The increase was primarily due to the completion of the initial public offering related expenses, increased in depreciation of plant and equipment and depreciation of rights-of-use assets.
Income(loss) from Operations
As a result of the factors described above, we incurred operating loss of $4,646,261 for the six months ended June 30, 2023, compared to operating income of $1,570,170 for the six months ended June 30, 2022, representing an overall decrease of operating income of $6,216,431.
OtherIncome (Expenses)
Interest expenses were $522,272 for the six months ended June 30, 2023, compared to interest expenses of $269,995 for the six months ended June 30, 2022. The increase of interest expense is primarily due to the increased of bank loan and interest rate during fiscal half year of 2023. Other income consists of gain on disposal of assets $ 125,290 and loss on foreign exchange $23,475 for the six months ended June 30, 2023.
NetIncome (loss)
As a result of the factors described above, we incurred net loss of $4,744,056 for the six months ended June 30, 2023, compared to net income of $1,361,425 million for the six months ended June 30, 2022, representing a decrease in profit of $6,105,481.
| Page 2 |
| --- |
| Multi Ways Holdings Limited. | |
|---|---|
| **** | Exhibit 99.1 |
| First Half of Fiscal Year 2023 | For the six months ended June 30, 2023 |
FinancialCondition
As of June 30, 2023, cash and cash equivalents, restricted cash and short-term investments totalled $5.40 million, compared to $1.33 million as of December 31, 2022. Short-term bank borrowings were $11.27 million as of June 30, 2023, compared to $8.86 million as of December 31, 2022.
Accounts receivable was $7.73 million as of June 30, 2023, compared to $8.07 million as of December 31, 2022. Inventories were $33.93 million as of June 30, 2023, compared to $31.44 million as of December 31, 2022. Accounts payable was $28.38 million as of June 30, 2023, compared to $27.83 million as of December 31, 2022.
Total current assets and current liabilities were $51.65 million and $41.75 million, respectively, leading to a current ratio of 1.24 as of June 30, 2023. This compared to total current assets and current liabilities were $44.07 million and $41.19 million, respectively, and current ratio of 1.07 as of December 31, 2022.
AboutMulti Ways Holdings Limited.
Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop.
For more information please visit www.multiwaysholdings.com. For further information on the Company’s SEC filings please visit www.sec.gov.
SafeHarbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
| Page 3 |
| --- |
| Multi Ways Holdings Limited | |
|---|---|
| **** | Exhibit 99.1 |
| First Half of Fiscal Year 2023 | For the six months ended June 30, 2023 |
MULTIWAYS HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITEDINTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
(Currencyexpressed in United States Dollars (“US$”))
| Six<br> Months ended June 30, | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| ’000 | ’000 | |||
| Revenues, net | ||||
| Cost of revenue | ) | ) | ||
| Gross profit | ||||
| Operating cost and expenses: | ||||
| Selling and distribution | ) | ) | ||
| General and administrative | ) | ) | ||
| Total operating cost<br> and expenses | ) | ) | ||
| Profit<br> from operations | ) | |||
| Other income (expense): | ||||
| Gain from disposal of plant and equipment | ||||
| Interest income | ||||
| Interest expense | ) | ) | ||
| Dividend income | ||||
| Government grant | ||||
| Foreign exchange loss, net | ) | ) | ||
| Other income | ||||
| Total other income,<br> net | ) | |||
| Income before income taxes | ) | |||
| Income tax (expense)<br> refund | ) | ) | ||
| NET INCOME | ) | |||
| Less: Net income attributable<br> to non-controlling interest | ||||
| NET INCOME ATTRIBUTABLE<br> TO EQUITY HOLDER OF THE COMPANY | ) | |||
| Other comprehensive (loss) income: | ||||
| Foreign currency translation<br> adjustment | ) | |||
| COMPREHENSIVE INCOME | ) | |||
| Net income per share | ||||
| Basic and Diluted | ) | |||
| Weighted average number of ordinary shares<br>outstanding | ||||
| Basic and Diluted |
All values are in US Dollars.
| Page 4 |
| --- |
| Multi Ways Holdings Limited | |
|---|---|
| **** | Exhibit 99.1 |
| First Half of Fiscal Year 2023 | For the six months ended June 30, 2023 |
MULTIWAYS HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITEDINTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Currencyexpressed in United States Dollars (“US$”))
| Dec<br> 31, 2022 ’000 | |||
|---|---|---|---|
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | |||
| Accounts receivable, net | |||
| Inventories | |||
| Financial assets available for sales | |||
| Amounts due from related parties | |||
| Deposits, prepayments<br> and other receivables | |||
| Total current assets | |||
| Non-current assets: | |||
| Property and equipment, net | |||
| Right-of-use assets | |||
| Deferred tax assets | |||
| Financial assets | |||
| Total non-current assets | |||
| TOTAL<br> ASSETS | |||
| LIABILITIES AND SHAREHOLDERS’<br> EQUITY | |||
| Current liabilities: | |||
| Accounts payable and accrued liabilities | |||
| Customer deposits | |||
| Amounts due to related parties | |||
| Bank borrowings | |||
| Lease liabilities | |||
| Income tax payable | |||
| Total current liabilities | |||
| Long-term liabilities: | |||
| Bank borrowings | |||
| Lease liabilities | |||
| Total long-term liabilities | |||
| TOTAL<br> LIABILITIES | |||
| Shareholders’ equity | |||
| Ordinary share, par value US0.00025, 400,000,000<br> shares authorized, 30,840,000 (24,800,000 31.12.2022) ordinary shares issued and outstanding | |||
| Additional paid-in capital | |||
| Retained earnings | ) | ||
| Non-controlling interest | ) | ||
| Accumulated other comprehensive<br> loss | ) | ) | |
| Total shareholders’<br> equity | |||
| TOTAL<br> LIABILITIES AND SHAREHOLDERS’ EQUITY |
All values are in US Dollars.
| Page 5 |
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Exhibit99.2
MultiWays Holdings Announces First Half 2023 Unaudited Financial Results, Provides Corporate Updates
AnnouncesExpansion of Operations in Indonesia
NEW YORK, NY, November X, 2023 (GlobeNewswire) — Multi Ways Holdings Limited (“Multi Ways” or the “Company”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announces first half 2023 unaudited financial results and provides corporate updates.
Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways, commented, “In the first half of 2023, we navigated a challenging landscape marked by higher borrowing costs, intensified competition, and shifting buyer preferences. Despite a decrease in net revenue, it’s noteworthy that our gross profit margin improved to 29.8%, demonstrating our commitment to operational efficiency. We’ve also observed a growing trend of buyers opting for rentals, which account for 14.7% of our revenue. While our net income decreased in the first half of 2023, we have proactively adapted to these market dynamics to ensure the sustainability of our business for the rest of the year.”
“Looking ahead to 2024, several recent announcements related to major infrastructure projects commencing construction next year leave us optimistic about the future of our business, including the Cross Island Line interchange stations Clementi and King Albert Park that are expected to start in the first quarter of 2024, as well as the planned Marina Bay Sands resort expansion that’s expected to start by April 2024. In addition, our new branch office in Batam will provide us with another strong sales channel in an emerging market.”
“We remain dedicated to delivering value to our shareholders, customers, and employees, and are confident in our ability to navigate any challenges and seize the opportunities that lie ahead,” concluded Mr. Lim.
FirstHalf 2023 Financial Highlights
| ● | For<br> the six months ended June 30, 2023, our net revenue decreased 28.4% to $14.4 million, compared to $20.1 million for the six months<br> ended June 30, 2022. The decrease in net revenue was largely due to several factors, including: |
|---|---|
| ○ | Higher<br> borrowing costs and tightening of bank loans for our customers. |
| --- | --- |
| ○ | Greater<br> competition in the procurement of high-demand machinery due to limited supplies has led to greater costs for machinery. |
| --- | --- |
| ○ | Buyers<br> being more cautious and opting for rentals – rental revenue as a percentage of total revenue increased to 14.7% in the first<br> half of 2023 versus 10.3% in the first half of 2022. |
| ● | Gross<br> profit was approximately $4.3 million, with a 29.8% profit margin, for the first six months of 2023, compared with gross profit of<br> $5.6 million, with a 27.9% profit margin for the first six months of 2022. |
| --- | --- |
| ● | Net<br> loss was approximately $4.7 million for the first six months of 2023, compared with a net income of $1.4 million for the first six<br> months of 2022. |
CashFlows Summary
| ● | Cash<br> and cash equivalents were approximately $5.2 million as of June 30, 2023, compared to approximately $1.0 million as of June 30, 2022. |
|---|---|
| ● | Cash<br> used in operating activities for the six months ended June 30, 2023, was approximately $7.8 million, compared to cash provided by<br> operating activities of approximately $0.5 million for the six months ended June 30, 2022. |
| ● | Cash<br> used in investing activities for the six months ended June 30, 2023, was $1.6 million, an increase of $1.2 million compared to cash<br> used in investing activities of $0.4 million for the six months ended June 30, 2022, primarily consisting of purchases of property,<br> plant and equipment and investment and proceeds from the disposal of property and equipment. |
| ● | Cash<br> provided by financing activities for the six months ended June 30, 2023, was approximately $13.5 million, compared to approximately<br> $0.7 million for the six months ended June 30, 2022. On April 5, 2023, the Company completed its initial public offering, which generated<br> gross proceeds of $15.1 million before deducting any underwriting discounts or expenses. |
BranchOpening in Indonesia
Multi Ways has recently submitted paperwork with local authorities to open a branch office in Batam, in the province of Riau Islands, Indonesia, consistent with our intent to expand our presence in the Indonesian market and harness Batam’s growing pool of skilled labor. Batam’s strategic location provides efficient import and export capabilities, positioning it as an invaluable hub for businesses like Multi Ways, engaged in international trade. Multi Ways will transfer cranes from Singapore to Batam, which, although no longer operational in Singapore, can be repurposed for trading or renting in Batam.
AboutBatam
Located an hour’s ferry ride from Singapore, Batam is considered a Free Trade Zone (FTZ) within the Riau Islands Province, which also includes the islands of Bintan and Karimun and is the most developed part of the Riau Islands Province, constituting 80% of the population and contributing to 73% of the local economy. The main economic activities in the region include manufacturing, the digital economy, and maintenance, repair, and overhaul (MRO). Multinational corporations such as Schneider Electric and Pegatron have located production bases in Batam to enjoy FTZ benefits and connectivity to Singapore. The local government in Batam is committed to transforming the region into a major city, with plans for infrastructure projects such as road improvements, building new roads and public facilities, and expanding the local airport.
AboutMulti Ways Holdings Limited
Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit www.multiwaysholdings.com.
SafeHarbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
InvestorRelations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: [email protected]