DSwiss Inc., a Nevada-based company specializing in health and beauty products, reported significant financial growth in its 2024 fiscal year. The company generated revenue of $3.1 million, marking a 111.8% increase from $1.5 million in 2023. This surge in revenue was primarily driven by the sales of OEM/ODM nutraceutical and skincare products. Despite the increase in revenue, the company's gross margin decreased from 24.4% in 2023 to 20.0% in 2024, attributed to rising costs of goods sold, which rose to $2.5 million from $1.1 million in the previous year.
In terms of profitability, DSwiss transitioned from a net loss of $49,535 in 2023 to a net profit of $22,223 in 2024. This improvement in net profit was largely due to the substantial increase in revenue, although the company noted an increase in operating expenses, which rose by 64.2% to $603,720. The company’s total assets as of December 31, 2024, were reported at $1.1 million, with cash and cash equivalents amounting to $397,476.
Strategically, DSwiss made significant organizational changes, including the acquisition of the remaining 60% equity interest in DSwiss Biotech Sdn Bhd, making it a wholly-owned subsidiary. This acquisition, completed in January 2023, is expected to enhance the company's research and development capabilities. Additionally, DSwiss has been expanding its market presence across the Asia-Pacific region, with plans to penetrate new markets in the United States and China, leveraging its established distributor network.
Operationally, DSwiss reported a total of 13 full-time employees as of the end of 2024, with plans to expand its workforce by 50% by the end of 2025. The company has also focused on enhancing its marketing efforts, particularly through social media, to increase brand visibility and customer engagement. The company aims to participate in major international trade shows to further its global expansion strategy.
Looking ahead, DSwiss remains optimistic about its growth trajectory, emphasizing its commitment to innovation and quality in product development. The company plans to invest in talent acquisition and strategic partnerships to support its expansion goals. However, it acknowledges potential risks, including market competition and regulatory changes, which could impact its operations and financial performance.
About DSwiss Inc
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