Starbox Group Holdings Ltd. Announces Financial Results For FY23, Revenue Was $11.7M Vs $7.2M YoY

Author: Benzinga Newsdesk | February 08, 2024 05:31pm

 Starbox Group Holdings Ltd. (NASDAQ:STBX) ("Starbox" or the "Company"), a service provider of cash rebates, advertising, and payment solutions, has unveiled its financial results for the fiscal year ended September 30, 2023.

Mr. Lee Choon Wooi, Chief Executive Officer and Chairman of the Board of Directors at Starbox, remarked, "As we reflect on fiscal year 2023, it becomes apparent that Starbox Group has solidified its position as a key player in advertising, cash rebates, and payment solutions, and become a technology solutions provider in Southeast Asia. I am pleased to announce a remarkable 63.2% increase in our total revenue, reaching $11.7 million from $7.2 million in fiscal year 2022. This growth underscores our innovative strategies and diversified approach, particularly evident in technology-driven operations and our recent acquisitions, which have expanded our business. Despite challenges in digital advertising, our strategic acquisitions have significantly bolstered our competitiveness and market presence, contributing an additional $2.2 million in revenue from advertising design and consultation services. The consistent expansion of our member and merchant bases on the GETBATS platform reflects the progress in performance and market coverage. Looking forward, our focus remains on enhancing our comprehensive technology services and solutions and platform capabilities to deliver enduring value to our clients and shareholders."

Fiscal Year 2023 Financial Highlights

• Total revenue was $11.7 million in fiscal year 2023, an increase of 63.2% from $7.2 million in fiscal year 2022.
• Income from operations was $4.6 million in fiscal year 2023, compared to $5.0 million in fiscal year 2022.
• Net income was $2.1 million in fiscal year 2023 compared to $3.6 million in fiscal year 2022.

Fiscal Year 2023 Operational Highlights

• Number of advertisers was 31 as of September 30, 2023, compared to 63 as of September 30, 2022.
• Number of members on the GETBATS website and mobile app was 2,523,802 as of September 30, 2023, compared to 2,513,658 as of September 30, 2022.
• Number of merchants on the GETBATS website and mobile app was 841 as of September 30, 2023, compared to 820 as of September 30, 2022.
• Number of transactions facilitated through GETBATS website and mobile app was 264,600 as of September 30, 2023, compared to 338,940 as of September 30, 2022.
• Completed the acquisition of 51% equity interests in One Eighty Holdings Ltd on June 26, 2023.

Posted In: STBX