Singapore, April 19, 2024 (GLOBE NEWSWIRE) -- Webuy Global Ltd (NASDAQ: WBUY) ("Webuy" or the "Company"), a Southeast Asian community e-commerce retailer, today announces that on April 15, 2024, the Company filed its 2023 annual report (20-F) with the SEC. Notable recent events include the Company’s launch of a travel business line in Indonesia and expansion into an insurance referral program. Key highlights of the Company’s 2023 financial achievements follow:
2023 Financial Highlights
- Total revenues increased by 38.4% to US$61.7 million from US$44.6 million in the full year of 2022. The increase was mainly driven by sales of groceries in the Indonesian market and demand for the Company’s tour packages in Singapore.
- Gross profit increased by 38.4% to US$5.1 million from US$3.8 million in the full year of 2022. Gross margin was approximately 8.3%, relatively flat compared to 8.4% in the full year of 2022, mainly attributable to the Company’s ongoing efficiency optimization initiatives.
Recent Developments
In early 2024, the Company launched its travel business in Indonesia and expanded its presence in the growing Southeast Asian tourism market.
In April 2024, the Company launched an insurance referral program to deliver insurance solutions to markets across Asia.
Vincent Xue Bin, Chief Executive Officer and Co-Founder of Webuy, commented, "2023 was an important year in which we refined our strategic approach and delivered solid results. Sales of groceries on our platform in Indonesia grew strongly, as demand in the region escalated and our distribution strategies have proven effective. By expanding our footprint, further establishing our presence, and catering to the needs of the market, we grew our total revenues by 38.4%, with sales of groceries in Indonesia increasing by a substantial 83.6%. In addition to grocery sales, we introduced new packaged tour travel services in Singapore, which immediately proved popular with consumers. Revenue generated from tour packages offered in Singapore more than doubled from that of 2022, representing an important diversification of our product offerings. Building on this momentum, we leveraged our robust supply chain network to successfully extend our tour packages into Indonesia, further expanding our presence in the vibrant Southeast Asian tourism market. Additionally, our strategic entry into an insurance referral program during April represents a promising opportunity for higher-margin growth, aligning with our consistent approach to innovation and expansion."
"Our 2023 results stand as a testament to our innovative approach and the resilience of our business model. Furthermore, our stable gross margin underscores our commitment to continuous efficiency optimizations. Looking ahead, we remain steadfast in our dedication to surpassing existing milestones, ensuring unparalleled success for our customers, and consistently delivering enduring value to our shareholders while fostering a strong sense of community engagement."
Annual Report
The Form 20-F can be accessed by visiting either the SEC's website at www.sec.gov or the Company's website at https://www.webuysg.com/Investor/. In addition, the Company's shareholders may receive a hard copy of the Form 20-F, which includes the Company's complete audited financial statements, free of charge by requesting a copy from the Company contact below.
About Webuy Global Ltd
The Company's mission is to make social shopping a new lifestyle for consumers and to empower consumers' purchases with an efficient, cost-saving purchasing model. Webuy is committed to developing a community-oriented e-commerce platform in the Southeast Asia region and transforming the e-commerce model into a community-driven experience for consumers.
The Company's innovative 'group buy' business model is set to revolutionize traditional shopping practices, offering substantial cost savings to customers through a community-centric approach. This approach, akin to group purchases and bulk orders, simplifies the process for customers, eliminating the need for individual bulk purchases. Furthermore, the business model streamlines the traditional supply chain by minimizing the involvement of intermediaries, thereby offering a more direct "farm-to-table" supply model. Additional information about the Company is available at http://webuy.global/.
Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the "safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in U.S., Singapore and Indonesia and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Contacts
Investor Relations
Robin Yang, Partner
ICR, LLC
Email: Webuy.IR@icrinc.com
Phone: +1 (646) 880-9057
