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Asiafin Holdings (ASFH0.00%) Corp. has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in revenue to $3,382,432 from $3,109,515 in the previous year. This increase was primarily due to the expansion of services in the information technology sector.
Cost of revenue for the year was $1,958,632, representing 57.9% of sales, compared to 54.9% in the previous year. The increase in cost ratio is attributed to higher expenses associated with service delivery.
The company reported a gross profit of $1,423,800 for the year, compared to $1,401,181 in the previous year, with the slight increase attributed to higher revenue.
Selling, general, and administrative expenses increased to $1,464,215 from $1,298,849, primarily due to increased salary expenses as the company expanded its workforce.
Asiafin Holdings recorded a net loss of $161,968 for the year, compared to a net income of $18,577 in the previous year. The loss is attributed to higher operating costs and tax expenses.
Cash provided by operating activities was $343,001, while cash used in investing and financing activities was $209,133 and $77,401, respectively.
Asiafin had cash and cash equivalents of $1,309,929 as of December 31, 2024. The company expects increased levels of operations to result in more significant cash flows.
The filing also details the acquisition of StarFIN Holdings Limited, which was accounted for under the purchase method of accounting, resulting in an impairment of goodwill.
Asiafin Holdings operates through its subsidiaries, offering payment processing, regulatory technology, and robotic process automation solutions across Asia.
The company continues to focus on expanding its market presence in Asia and is exploring strategic collaborations to enhance its service offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Asiafin Holdings annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.