AsiaFIN Holdings Corp. reported a revenue of $3.38 million for the fiscal year ending December 31, 2024, marking an increase of 8.8% from the previous year's revenue of $3.11 million. Despite this growth in revenue, the company experienced a net loss of $143,577, a significant decline from a net income of $19,214 in 2023. The increase in revenue was attributed to the expansion of service offerings in the information technology sector, particularly in payment processing and regulatory technology solutions.
The company's cost of revenue also rose, reaching $1.96 million in 2024 compared to $1.71 million in 2023, leading to a gross profit of $1.42 million, which was slightly higher than the previous year's gross profit of $1.40 million. Selling, general, and administrative expenses increased to $1.46 million from $1.30 million, primarily due to higher salary expenses associated with hiring additional staff to support business expansion. The company reported a share of loss from operations of associates amounting to $9,843, which further impacted its overall financial performance.
In terms of strategic developments, AsiaFIN completed the acquisition of StarFIN Holdings Limited in February 2023, which broadened its service offerings to include payment processing solutions and regulatory technology services across Asia. The acquisition involved issuing 8,232,038 shares of common stock valued at approximately $9.06 million. The company has also expanded its customer base, with over 90 key bank customers for payment processing and more than 100 customers utilizing its Robotic Process Automation solutions.
Operationally, AsiaFIN reported a total of 81,551,838 shares of common stock outstanding as of December 31, 2024, with 156 beneficial owners. The company maintained a cash balance of $1.31 million, up from $1.23 million in the previous year, indicating a stable liquidity position. The company plans to enhance its market presence through participation in international industry events and collaborations with local agencies to promote its services.
Looking ahead, AsiaFIN Holdings Corp. anticipates increased operational activities and cash flows as it continues to expand its service offerings and customer base. However, the company acknowledges the challenges posed by market conditions and competition in the technology sector, which may impact its future performance. The management is focused on implementing measures to strengthen internal controls and improve financial reporting processes to enhance overall operational efficiency.
About ASIAFIN HOLDINGS CORP.
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