CGTL FY2024 Results: Profit Up, Revenue Down Strategically

Hong Kong, Jan. 30, 2025 -- Creative Global Technology Holdings Limited ("CGTL"), a Hong Kong-based company, announced its financial results for the fiscal year ended September 30, 2024. Despite a 29.2% decrease in total revenue to US$35.6 million (primarily due to decreased wholesale revenue), CGTL reported a historical high in gross profit, increasing by 27.5% to $6.3 million, and a 34.4% increase in net income to $4.3 million. This growth is attributed to a strategic focus on higher-margin orders.

Key Highlights:

• Total revenue: US$35.6 million (down 29.2%)
• Gross profit: US$6.3 million (up 27.5%)
• Gross profit margin: 17.8% (up from 9.9%)
• Net income: US$4.3 million (up 34.4%)

CGTL's CEO, Shangzhao (Cizar) Hong, noted that the decrease in revenue was a strategic decision to prioritize higher-margin products, resulting in increased profitability. The company also completed its initial public offering (IPO), raising gross proceeds of US$5.75 million.

Looking ahead, CGTL plans to expand its product offerings, invest in marketing for high-margin segments, and optimize acquisition channels to sustain growth and improve financial performance.