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, LLC

David Waldman/Natalya Rudman

Tel: (212) 671-1020

Email: CIGL@crescendo-ir.com

CONCORDE INTERNATIONAL GROUP LTD.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS 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)/INCOME

FOR 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 FLOWS

FOR 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            - 
                        -----------   ----------   -- 

(MORE TO FOLLOW) Dow Jones Newswires

May 16, 2025 08:00 ET (12:00 GMT)