M.T.I Wireless Edge (MWE) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024 was $22.3M, nearly flat compared to $22.4M in the same period last year.

• Net profit attributable to owners was $1.88M, up from $1.76M year-over-year.

• Dividend of $2.75M was paid in April 2024.

• Cash and cash equivalents decreased to $6.0M from $8.5M at year-end 2023.

Financial highlights

• Gross profit for H1 2024 was $6.92M, down from $7.20M in H1 2023.

• Operating profit was $2.25M, slightly up from $2.19M year-over-year.

• Earnings per share (basic and diluted) were $0.0214, up from $0.0199 in H1 2023.

• Net cash provided by operating activities was $1.52M, up from $1.23M in H1 2023.

• Net cash used in financing activities was $3.62M, mainly due to dividend and treasury share purchases.

Outlook and guidance

• The company is monitoring the impact of the ongoing war in Israel, which could affect manpower, interest rates, and FX rates if prolonged.

• As of the report date, the war has not had a significant effect on operations.