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Concorde International Group Reports Full-Year 2024 Financial Results and Provides Business Update

1. CIGL's gross profit rose 20.8% in 2024 to $3.6 million. 2. Revenue remained stable at $10.5 million, down 1.5% from 2023. 3. CIGL went public in April 2025, raising $5.75 million. 4. The company plans international expansion targeting Malaysia, Australia, and North America. 5. 2024 operating loss was impacted by $83.2 million share-based compensation.

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Why Bullish?

The IPO and increased gross profit suggest strong future growth, reflecting investor confidence. Historically, similar companies that successfully raise capital through IPOs often see stock price appreciation in the following months.

How important is it?

The company's solid performance metrics and strategic direction, combined with significant capital raised via IPO, enhance its market position, suggesting robust future prices.

Why Long Term?

CIGL is poised for growth with new strategies and market expansion planned over 24 months. Companies that expand into new markets often experience extended periods of growth and revenue increase.

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CIGLother similar security companies
Gross profit increased 20.8% in 2024 compared to 2023 May 16, 2025 08:00 ET  | Source: Concorde International Group Ltd SINGAPORE, 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 million, we anticipate strong year over year growth going forward. Specifically, our 2025 growth strategy is focused on scaling our high-margin recurring revenue, largely driven by the continued deployment of our i-Guarding services. These solutions generate incremental revenue with minimal additional cost, as each IFS unit can service 15 or more locations. We also plan to expand internationally over the next 24 months, targeting Malaysia, Australia, and North America through partnerships with established local security providers to address rising labor costs and growing demand for smart, tech-enabled solutions. Moreover, our net results in 2024 were impacted by a one-time, non-cash share-based compensation expense of $83.2 million. Excluding this, we maintained positive operating profit, reflecting the strength and earnings potential of our core business. Since our founding in 1997, and especially following our strategic shift in 2014 toward a tech-integrated model—we’ve built a reputation for excellence, agility, and innovation. With increasing demand for intelligent security and facility solutions, we are well-positioned to scale sustainably and deliver long-term value to our clients, employees, and shareholders.” Financial Overview Revenue remained relatively flat year over year, with a slight decrease of approximately 1.5% to $10.5 million for 2024, compared to $10.7 million for 2023. Gross profit increased to approximately $3.6 million for 2024, compared to approximately $3.0 million for 2023. Operating loss was approximately $83.6 million in 2024, compared to operating profit of approximately $1.0 million in 2023. Operating loss in 2024 was impacted by a one-time, non-cash share-based compensation expense of $83.2 million. As of December 31, 2024, and 2023, the Company had cash and cash equivalents of approximately $1.0 million and $957 thousand, respectively. Subsequently, in April 2025, the Company completed its IPO, raising gross proceeds of $5.75 million, including the full exercise of the over-allotment option. About Concorde International Group Ltd Concorde International Group Limited (Nasdaq: CIGL) is a Singapore-based company specializing in integrated security solutions and facilities management services. Established in 1997, the Company has transitioned from traditional security services to a technology-driven approach. This shift involves deploying advanced systems like CCTV, sensors, and mobile command vehicles, significantly reducing the need for physical guards and enhancing operational efficiency. For more information, please visit: https://www.concordesecurity.com/ Forward-Looking Statements This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the "Risk Factors" section of the registration statement and annual report filed 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. For more information, contact: Investor Relations Contact:Crescendo Communications, LLCDavid Waldman/Natalya RudmanTel: (212) 671-1020 Email: CIGL@crescendo-ir.com CONCORDE INTERNATIONAL GROUP LTD.CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONAS AT DECEMBER 31, 2024 AND 2023   2024  2023   USD  USD Assets      Non-current assets:      Property and equipment, net  3,720,807   2,904,413 Right-of-use asset, net  322,332   177,429 Intangible assets, net  9,325   65,396 Other financial assets  393,019   - Deferred offering cost  449,110   116,022 Total non-current assets  4,894,593   3,263,260          Current assets:        Trade and other receivables  3,825,146   3,485,364 Amount due from related parties  553,184   844,982 Cash and cash equivalents  1,000,284   956,975 Total current assets  5,378,614   5,287,321 Total assets  10,273,207   8,550,581          Equity and liabilities        Equity        Share capital  209   1 Merger reserves  2,336,848   2,336,848 Other reserves  83,085,159   50,739 (Accumulated deficit)/Retained earnings  (83,313,648)  177,649 Equity attributable to equity holders of the parent company  2,108,568   2,565,237 Non-controlling interests  151,629   137,339 Total equity  2,260,197   2,702,576          Liabilities        Non-current liabilities:        Lease liabilities, net of current portion  170,724   90,082 Long-term debt  2,906,113   2,109,538 Deferred tax liabilities  182,096   133,488 Other financial liabilities  173,551   - Total non-current liabilities  3,432,484   2,333,108          Current liabilities:        Trade and other payables  1,091,188   1,186,334 Amount due to related parties  216,940   405,632 Tax payable  60,282   - Lease liabilities  89,438   59,821 Current maturities of long-term debt  3,122,678   1,863,110 Total current liabilities  4,580,526   3,514,897 Total liabilities  8,013,010   5,848,005 Total equity and liabilities  10,273,207   8,550,581           CONCORDE INTERNATIONAL GROUP LTD.CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE (LOSS)/INCOMEFOR THE YEAR ENDED DECEMBER 31, 2024, 2023 and 2022   2024  2023  2022   USD  USD  USD Revenue  10,490,668   10,655,993   5,006,345 Cost of revenue (exclusive of depreciation and amortization expenses shown separately below)  (6,875,141)  (7,662,024)  (3,648,637)   3,615,527   2,993,969   1,357,708              Other income  501,660   236,911   205,201 Depreciation and amortization expenses  (279,543)  (329,836)  (389,449)Employee benefit expenses  (2,151,970)  (1,311,345)  (912,772)Other expenses  (1,819,903)  (314,639)  (989,635)Share-based compensation  (83,155,336)  -   - Finance costs  (218,630)  (149,626)  (75,033)             (Loss) /Profit before tax  (83,508,195)  1,125,434   (803,980)Income tax expense  (114,902)  (131,240)  - (Loss) /Profit for the year  (83,623,097)  994,194   (803,980)             Other comprehensive (loss)/income            Other comprehensive (loss)/income that may be reclassified to profit or loss in subsequent periods (net of tax):            Foreign currency translation  (106,213)  26,610   46,459              Total comprehensive (loss)/income for the year, net of tax  (83,729,310)  1,020,804   (757,521)             (Loss) /Profit for the year attributable to:            Equity holders of the parent company  (83,637,387)  960,686   (783,037)Non-controlling interests  14,290   33,508   (20,943)   (83,623,097)  994,194   (803,980)             Total comprehensive (loss)/income for the year attributable to:            Equity holders of the parent company  (83,743,600)  987,296   (736,578)Non-controlling interests  14,290   33,508   (20,943)   (83,729,310)  1,020,804   (757,521)             (Loss)/Earnings per share            Basic  (5.08)  9.61   (7.83)Diluted  (5.08)  9.61   (7.83)              CONCORDE INTERNATIONAL GROUP LTD.CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEAR ENDED DECEMBER 31, 2024, 2023 and 2022   2024  2023  2022   USD  USD  USD Cash flows from operating activities         (Loss)/Profit before tax  (83,508,195)  1,125,434   (803,980)             Adjustments for:            Depreciation of property and equipment  149,895   188,969   292,044 Depreciation of right-of-use assets  74,662   48,134   18,932 Amortization of intangible assets  54,986   92,734   78,473 Interest expense  218,630   149,626   75,033 Interest income  (35,940)  (29,853)  (48,405)Amount due from related party written off  2,131   -   233,497 Share-based compensation  83,155,336   -   - Expected credit loss provision  562,755   -   - Fair value adjustment  117,973   -   - Operating cash flows before movements in working capital  792,233   1,575,044   (154,406)             Change in working capital:            Decrease in trade and other receivables  (892,894)  (930,482)  (1,537,479)Increase in trade and other payables  (446,240)  190,338   661,281 Decrease in amount due to related parties  (17,286)  (43,956)  99,576 Cash used in operations  (564,187)  790,944   (931,028)Net cash (used in)/provided by operating activities  (564,187)  790,944   (931,028)             Cash flows from investing activities            Purchase of property and equipment  (1,052,484)  (407,203)  - Premium paid for purchase of keyman insurance  (85,913)  -   - Proceeds from disposal of property and equipment  -   30,942   - Acquired intangible asset  -   (4,819)  - Loan repaid from / (to) related parties  185,407   71,449   (912,089)Net cash used in investing activities  (952,990)  (309,631)  (912,089)             Cash flows from financing activities            Proceeds from issuance of shares  208   -   - Payment of deferred offering cost  (333,088)  -   - Proceeds from borrowings  3,259,062   2,036,696   1,116,450 Repayment of borrowings  (1,255,766)  (1,984,699)  (493,431)Repayment of lease liabilities  (80,581)  (51,050)  (20,096)Net cash provided by financing activities  1,589,835   947   602,923              Net (decrease)/increase in cash and cash equivalents  72,658   482,260   (1,240,194)Cash and cash equivalents at beginning of year  956,975   441,278   1,606,611 Effect of foreign exchange rate changes on cash and cash equivalents  (29,351)  33,437   74,861 Cash and cash equivalents at December 31, 2024  1,000,284   956,975   441,278              Non-cash investing and financing activities            Fair value measurement of share-based compensation  83,155,336   -   - Fair value adjustment for other financial assets  16,615   -   - Fair value adjustment for other financial liabilities  101,357   -   - Initial measurement of right-of-use asset and lease liability  223,755   76,713   - 

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