Business
Concorde International Group Reports Full-Year 2024 Financial Results and Provides Business Update
Gross profit increased 20.8% in 2024 compared to 2023 SINGAPORE, May 16, 2025 (GLOBE NEWSWIRE) -- Concorde International Group Ltd. (NASDAQ: CIGL) (“Concorde”
About this update from Concorde International Group Ltd
[{"type":"text","content":"Gross profit increased 20.8% in 2024 compared to 2023\nSINGAPORE, May 16, 2025 (GLOBE NEWSWIRE) -- Concorde International Group Ltd. (NASDAQ: CIGL) (“Concorde” or the “Company”), an integrated security services provider that combines physical manpower and innovative technology to deliver effective security solutions, today announced financial results and provided a business update for the year ended December 31, 2024. 2024 Financial Highlights Maintained stable revenues at approximately $10.5 million for the year ended December 31, 2024, compared to $10.7 million in 2023.Gross profit increased by approximately 20.8% to $3.6 million in 2024 compared to approximately $3.0 million in 2023, driven in part by an improvement in gross profit margin, which increased to approximately 34.5% in 2024, compared to approximately 28.1% in 2023.Completed an IPO on April 22, 2025, raising gross proceeds of $5.75 million (including over-allotment option), and commenced trading on the Nasdaq Capital Market on April 22, 2025. Swee (Alan) Kheng Chua, Chairman and Chief Executive Officer of Concorde, commented, “2024 was a transformative year for Concorde, culminating in our successful IPO on April 22, 2025. We raised a total of $5.75 million in gross proceeds, including the full exercise of the over-allotment option, and proudly commenced trading on the Nasdaq Capital Market. This milestone not only validates our business model but also provides the capital foundation to accelerate our next phase of growth.” “Our position as a leading integrated security services provider in Singapore is built on our ability to blend skilled manpower with patented technologies that deliver scalable, cost-effective, and high-performance solutions. At the core of our offering is our suite of smart security technologies, known as I-Guarding Services. Supported by 4 granted global patents and our proprietary innovations—such as the I-Man Facility Sprinter (“IFS”), a mobile platform transforming security and facility maintenance, and the Intelligent Facility Authenticator, a kiosk-based system that enhances access control and visitor management—are redefining industry standards. These technologies help reduce operational costs, improve security performance, and optimize overall efficiency for our clients.” “While our 2024 revenue remained stable at approximately $10.5 mi...