Business
Rectitude Holdings Ltd Announces Fiscal Year ended March 31, 2024 Full Year Financial Results
SINGAPORE, July 29, 2024 (GLOBE NEWSWIRE) -- Rectitude Holdings Ltd (the “Company” or “Rectitude”), a Singapore-based provider of safety equipment and related
About this update from Rectitude Holdings Ltd
[{"type":"text","content":"SINGAPORE, July 29, 2024 (GLOBE NEWSWIRE) -- Rectitude Holdings Ltd (the “Company” or “Rectitude”), a Singapore-based provider of safety equipment and related industrial-grade hardware products, today announced its financial results for the full year ended March 31, 2024. Fiscal Year ended March 31, 2024 Full Year Highlights (amounts in US$ unless otherwise noted): Revenues for the fiscal year ended March 31, 2024, in Singapore Dollars, increased 9.86%.Gross profit margin improved to 35.57% of revenues, up 332 basis points.Selling and marketing expenses in Singapore Dollars, increased S$1.32 million.Research and development expenses in Singapore Dollars decreased S$0.01 million.General and administrative expenses in Singapore Dollars, increased S$1.88 million.Net income was $2.49 million, or $0.20 per diluted share, for the fiscal ended March 31, 2024. In Singapore Dollars, net income was S$3.36 million, or S$0.27 per diluted share, for the fiscal ended March 31, 2024, compared to net income of S$3.93 million, or S$0.31 per diluted share, for the fiscal year ended March 31, 2023.Adjusted EBITDA for the fiscal year ended March 31, 2024, was $4.73 million. In Singapore Dollars, Adjusted EBITDA increased to S$6.37, from S$6.15 million in the prior year period. “We are incredibly proud of the hard work and dedication shown from all of our employees that resulted in a year of solid performance and growth, culminating in our successful IPO and listing on Nasdaq,” said Mr. Jian Zhang, Chairman, Chief Executive Officer, and Executive Director at Rectitude. “The capital we raised through this process will be invested back into the Company to cultivate and foster long-term sustainable growth, enhanced operational efficiencies and continued exemplary service to our customers. We have already demonstrated this through our new branch opened earlier this calendar year, designed to increase our strategic presence across Singapore. We will continue to evaluate new opportunities as they present themselves to continue our growth and deliver enhanced shareholder value.” Revenues For the fiscal year ended March 31, 2024, total revenues were $30.69 million. In Singapore Dollars, revenues were S$41.35 million and S$37.64 for the respective fiscal years ended March 31, 2024 and 2023. The increase was primarily driven by stronger customer demand for sa...