Webuy Announces Filing of 2023 Annual Report with the SEC, Launches Travel Business in Indonesia, and Expands into Insurance Referral Program
19 Abril 2024 - 6:30AM
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 RelationsRobin Yang, PartnerICR, LLCEmail:
Webuy.IR@icrinc.com Phone: +1 (646) 880-9057
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