As of September 30, 2024, AsiaFin Holdings Corp. reported total assets of $3,733,769, reflecting a slight decrease from $3,752,974 at the end of 2023. The company's total current assets also declined to $2,442,770 from $2,572,709, while total non-current assets increased to $1,290,999, up from $1,180,265. Total liabilities rose to $1,699,532, compared to $1,494,225 at the end of the previous fiscal year. Consequently, total stockholders’ equity decreased to $2,034,237 from $2,258,749.
In terms of financial performance, AsiaFin Holdings experienced significant revenue growth for the three months ended September 30, 2024, reporting $1,032,360, a substantial increase from $695,145 in the same period of 2023. Gross profit also rose to $983,587 from $661,621 year-over-year. The company achieved income before income tax of $175,904, a turnaround from a loss of $(74,281) in the prior year. Net income for the quarter was $175,904, compared to a net loss of $(74,591) in the previous year, with net income attributed to common shareholders reaching $184,481, up from a loss of $(74,394).
For the nine months ended September 30, 2024, revenue totaled $2,094,588, an increase from $1,813,426 in the same period of 2023. Gross profit for this period was $1,945,390, compared to $1,665,502 in the prior year. Despite these gains, the company reported a net loss of $(390,648) for the nine months, an improvement from $(418,501) in the previous year. Total comprehensive loss also decreased to $(208,589) from $(502,598).
The company’s deferred revenue saw a significant increase, rising to $231,805 from $63,123 year-over-year. Cash and cash equivalents at the end of the reporting period were $858,748, down from $1,173,790 at the end of 2023. Net cash used in operating activities improved slightly, with $(257,116) for the nine months ended September 30, 2024, compared to $(282,345) in the same period of 2023. However, net cash used in investing activities increased to $(104,939) from $(30,320).
Overall, AsiaFin Holdings Corp. demonstrated notable revenue growth and improved profitability metrics in the latest quarter, while facing challenges in asset management and cash flow.
About ASIAFIN HOLDINGS CORP.
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