GVH Globavend Holdings Ltd

Globavend Holdings Limited (“Globavend” or the “Company”) (NASDAQ: GVH), an emerging e-commerce logistics services provider, today announced its financial results for the fiscal year 2024. The Company has recorded a significant growth of 24% in its net income, marking a successful year for the organization.

“We are thrilled to announce our financial results for the fiscal year 2024, which reflect our commitment to delivering value to our customers and stakeholders,” said Frank Yau, CEO of Globavend. “Our strong net income growth is a testament to the hard work and dedication of our team, as well as our ability to adapt to the changing market conditions.”

Financial Highlights

• Net income grew 24% year-over-year to $1.34 million
• Earnings per share (“EPS”) grew 13% year-over-year to $0.09
• Revenue of $16.5 million, representing a gross profit margin of 14.6%.

About Globavend Holdings Limited

Globavend Holdings Limited, an emerging e-commerce logistics provider, offers end-to-end logistics solutions in Hong Kong, Australia, and New Zealand. The Company primarily serves enterprise customers, including e-commerce merchants and operators of e-commerce platforms, facilitating business-to-consumer (B2C) transactions. As an e-commerce logistics provider, Globavend delivers integrated cross-border logistics services from Hong Kong to Australia and New Zealand. It provides customers with a comprehensive solution, encompassing pre-carriage parcel drop-off, parcel consolidation, air-freight forwarding, customs clearance, on-carriage parcel transportation, and final delivery.

Forward-Looking StatementThis press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 20-F for the year ended September 30, 2024, which is on file with the SEC and are available on our investor relations website at https://globavend.com/ and on the SEC website at www.sec.gov, as well as the subsequent Current Reports on Form 6-K or other filings with the SEC. Readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We undertake no duty to update this information unless required by law.

For investor and media inquiries, please contact:Globavend Holdings LimitedWai Yiu Yau, Chairman and CEOproject@globavend.com (61) 8 6141 3263

GLOBAVEND HOLDINGS LIMITED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2023 AND 2024 (US$, except share data, or otherwise note)

		As of September 30,
		2023				2024
		US$				US$
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	554,132			$	2,296,462
Accounts receivable, net			1,429,299				1,684,644
Deposits and prepayment			17,566				203,178
Deposits and prepayment – related party			169,834				-
Deferred costs			1,306,441				374,286
Contract assets			543,838				897,409
Total current assets		$	4,021,110			$	5,455,979
NON-CURRENT ASSETS
Property, plant, equipment, net		$	13,274			$	123,101
Right-of-use assets, operating lease			119,881				32,711
Deposits and prepayment			320,513				1,743,423
Deposits – related party			-				600,000
Total non-current assets		$	453,668			$	2,499,235
TOTAL ASSETS		$	4,474,778			$	7,955,214
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable		$	2,601,253			$	649,183
Accounts payable – related party			-				1,627,269
Other payables and accrued liabilities			1,096,016				235,193
Amount due to a director			-				8,586
Taxes payables			155,210				224,438
Operating lease liabilities - current		$	39,886				41,019
Total current liabilities		$	3,892,365			$	2,785,688
Non-current liabilities
Operating lease liabilities – non-current			80,237				-
Total non-current liabilities		$	80,237			$	-
TOTAL LIABILITIES		$	3,972,602			$	2,785,688
Commitments			-
EQUITY
Ordinary shares, $0.001 par value, 50,000,000 shares authorized, 13,125,000 shares issued and outstanding as of September 30, 2023 and 14,931,123 shares issued and outstanding as of September 30, 2024			13,125				14,931
Subscription receivable			(13,125	)			(13,125	)
Additional paid-in capital			128,205				3,454,741
Retained earnings			373,971				1,712,979
Total shareholders’ equity		$	502,176			$	5,169,526
TOTAL LIABILITIES AND EQUITY		$	4,474,778			$	7,955,214

GLOBAVEND HOLDINGS LIMITEDCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOMEFOR THE YEARS ENDED SEPTEMBER 30, 2022, 2023 AND 2024(US$, except share data, or otherwise note)

		For the year endedSeptember 30,
		2022				2023				2024
Revenue			24,021,196				18,586,528				16,540,179
Cost of revenue			16,621,775				10,521,866				7,223,445
Cost of revenue – related party			5,993,543				6,159,075				6,897,332
Cost of revenue			22,615,318				16,680,941				14,120,777
Gross Profit			1,405,878				1,905,587				2,419,402
Operating expenses:
General and administrative expenses			588,732				758,726				1,079,349
Total operating expenses		$	588,732			$	758,726			$	1,079,349
Income from operations		$	817,146			$	1,146,861			$	1,340,053
Other income:
Interest income			108				3,481				68,205
Interest expense			(2,755	)			(1,066	)			(2,393	)
Other income			122,289				120,367				156,953
Total other income			119,642				122,782				222,765
Income before income taxes		$	936,788			$	1,269,643			$	1,562,818
Income taxes provision			126,561				192,251				223,810
Net income attributable to Globavend Holdings Limited		$	810,227			$	1,077,392			$	1,339,008
Comprehensive income		$	810,227			$	1,077,392			$	1,339,008
Earnings per share - Basic and diluted		$	0.06			$	0.08			$	0.09
Weighted Average Basic and Diluted Number of Ordinary Shares Outstanding*			13,125,000				13,125,000				14,559,582

*	Shares presented on a retroactive basis to reflect the reorganization.