Aureus Greenway Holdings Inc. reported a decline in financial performance for the fiscal year ending December 31, 2024, with total revenue decreasing by 7% to $3.3 million, down from $3.6 million in 2023. The company experienced a significant drop in one-time green fees, which fell by 14% to $2.1 million, accounting for 65% of total revenue. This decline was attributed to a decrease in the number of rounds played, which dropped from approximately 66,000 in 2023 to about 56,000 in 2024, largely due to adverse weather conditions. In contrast, annual membership dues surged by 80% to $303,541, reflecting a strategic shift towards increasing membership revenue.
Operating costs rose by 5% to $3.5 million, primarily driven by increased golf operating costs, which rose by 15% due to inflationary pressures on maintenance contracts. The company reported a net loss of $183,700 for 2024, a stark contrast to a net income of $386,128 in the previous year. This loss was influenced by both the revenue decline and rising operational expenses, including a notable increase in salaries and benefits due to minimum wage hikes.
Strategically, Aureus Greenway has focused on enhancing customer loyalty and expanding its market share in the greater Orlando area. The company operates two golf country clubs, Kissimmee Bay and Remington, which are positioned to attract both local residents and tourists. As part of its growth strategy, the company plans to modernize its facilities and expand its portfolio through potential acquisitions. The company also aims to improve customer engagement by providing high-quality golfing experiences.
As of December 31, 2024, Aureus Greenway had approximately 47 full-time employees and reported a working capital deficiency of $2.3 million. The company has been proactive in managing its cash flow, with net cash provided by operating activities amounting to $89,676 for the year. The company successfully raised $12 million in its initial public offering (IPO) in February 2025, which is expected to support its operational and growth initiatives moving forward. The management remains optimistic about future revenue growth, contingent on improved weather conditions and enhanced marketing efforts to attract more golfers.
About Aureus Greenway Holdings Inc
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