Asia Strategic Holdings Ltd. has released its unaudited interim results for the six months ended 31 March 2024, showcasing robust financial and operational performance. The company reported a 26% year-on-year revenue increase to $14.4 million for 6M24, with significant contributions from its Education and Services divisions. The Education division saw a 42% year-on-year revenue growth in Myanmar and a 3% growth in Vietnam. The Services division also achieved a 33% year-on-year revenue growth due to improved commercial positioning and the introduction of high value-added services.

The Group's gross profit increased by 27% year-on-year to $8.3 million for 6M24, driven by strong revenue growth and margin expansion. The Education division contributed 90% to the gross profit, while the Services division provided 10%. The Group's Adjusted EBITDA was $86k for 6M24, marking a significant improvement driven by the Education businesses across Myanmar.

However, the Group recorded net losses of $2.6 million for 6M24, attributed to factors such as foreign exchange losses, increased marketing expenses, and a slower pace of recovery at Wall Street English Vietnam. The Group's current and non-current deferred revenue amounted to $10.6 million and $1.4 million, respectively, at 31 March 2024.

Asia Strategic Holdings Ltd. maintained a loan facility of $4.5 million with its largest corporate shareholder, MACAN, and drew down $1.3 million during 6M24. The Group's operations across multiple countries continue to play a crucial role in mitigating single-country exposure, ensuring liquidity for at least the next twelve months. The Education division, which includes English language education for adults and children, coding education, and a K-12 international school, reported a 24% year-on-year revenue increase to $10.9 million for 6M24.

The company invested $1.0 million during 6M24 to establish nine new schools under its existing brands across two countries. The Group's strategic measures include maintaining financial liquidity discipline, accessing the unutilized Loan Facility, and further diversifying the capital structure by accessing bank loans.