Niks Professional net profit surges 23.3% in 2024

Group profits in the second half of the year surged a whopping 95.4%.

Niks Professional reported nearly double its net profit in the second half of 2024, with full year profit up to $2.079m, a surge of 23.3%.

In H2 2024, profits attributable to the owners of the company went up $1.14m, a 94.4% growth from $591k from the same period last year.

The group also reported a revenue increase of $300k or 4.6% in H2 2024 compared to H2 2023. Revenue increased by 3.1% in FY2024 compared to FY2023.

Increases were attributed to the increase in sales in the headquarters segment, mainly driven by sales to new regional agents in China, sales generated from our new online store at Tmall and a higher volume of sales generated from the online store at the company’s website. The higher sales generated from the clinics segment in H2 2024 compared to H2 2023 were mainly attributable to a higher volume of clinical services rendered to patients.

Meanwhile, the group said the decrease in other income and gains by 75.1% in H2 2024 compared to H2 2023 was mainly due to lower government grant income.

During the second half of 2023, the Company recognised a one-time grant income (Grant for Equity Market Singapore) in relation to the Company’s IPO amounting to $300k. Correspondingly, a lower amount of government grant income was recorded for FY2024 compared to FY2023. This decrease was partially offset by a write-back of deposits and advance payments amounting to $31k during FY2024 and foreign exchange
adjustment gains amounting to $47k mainly arising from foreign exchange gain on bank deposits denominated in United States dollars.

In 2024, Niks Professional launched new online stores in e-commerce platforms in Singapore such as Shopee and Lazada, and Tmall in China. It also established regional distributorships in Guangdong, Hunan and Anhui Provinces, thereby expanding its presence in China. It also opened a new clinic in Yishun Central.