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SINGAPORE - INNEOVA Holdings Limited (NASDAQ:INEO) reported a 10.3% increase in revenue to $30.8 million for the first half of 2025, compared to $27.9 million in the same period last year, according to a company press release. The company, currently valued at $16.88 million in market capitalization, is trading above its InvestingPro Fair Value, suggesting potential overvaluation.
The Singapore-based solutions provider attributed the revenue growth primarily to its acquisition of INNEOVA Engineering Division, which contributed approximately $2.7 million during the period.
Gross profit rose 2.2% to $5.9 million, with gross profit margin decreasing to 19.3% from 20.8% in the first half of 2024. Operating income declined to $1.1 million from $1.8 million in the prior year period, reflecting higher administrative and selling expenses associated with the recent acquisition and ongoing compliance costs.
Net income fell to $0.2 million from $1.7 million in the first half of 2024, primarily due to increased operating expenses, higher interest costs, and foreign exchange losses.
The company, which rebranded from SAG Holdings Limited to INNEOVA Holdings Limited effective April 28, 2025, completed the acquisition of INNEOVA Engineering Pte. Ltd. on April 30, 2025. This strategic addition enhances the company’s engineering capabilities and expands its service offerings.
Revenue from Singapore increased by approximately 29.9% to $13.5 million, driven by the acquisition and higher demand in the INNEOVA Automotive Division.
INNEOVA Holdings describes itself as a Singapore-based solution-driven partner for industries where uptime and reliability are mission-critical, providing parts services and engineering services to optimize lifecycles, maximize uptime, and extend asset longevity.
In other recent news, INNEOVA Holdings Limited, through its subsidiary INNEOVA Engineering Pte. Ltd., has entered into a non-binding Memorandum of Understanding with HyCee Pte. Ltd. The collaboration focuses on advancing hydrogen technology deployment in Singapore. This partnership aims to support the country’s Green Plan 2030, which emphasizes carbon reduction and sustainable development across various sectors, including transport, logistics, industrial applications, and commercial enterprises. The initiative aligns with broader efforts to enhance sustainable practices in Singapore. While the agreement is currently non-binding, it marks a significant step towards promoting hydrogen as a viable energy source in the region.
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