Jakarta, IO – WIR Group (PT WIR ASIA Tbk), a South-East Asian immersive technology and web3 company focused on Augmented Reality (AR), Virtual Reality (VR), Artificial Intelligence (AI), and blockchain, held its Annual General Meeting of Shareholders (AGMS) for the fiscal year ending December 31, 2023, as well as a Public Expose (PUBEX) on June 7, 2024. The two events showcased significant revenue growth, successful client retention and innovative digital solutions. The AGMS agenda included an explanation of the Company’s business activities for the fiscal year ending on December 31, 2023, and the Company’s financial performance.
Winding up 2023, WIR Group achieved a spectacular 42 percent net profit increase over the previous year. Fiscal year 2023 revenue grew by 47 percent, with the digital platform solutions segment accounting for the major part of that growth. WIR Group’s success in maintaining financial growth is demonstrated in its first quarter of 2024 financial and operational results: Company revenue increased by 8 percent over that of the first quarter of the previous year. Company net profit also rose, up 11 percent compared to the same period last year. This growth is attributed to operational cost efficiency and sustained, consistent revenue flows, while maintaining profitability.
WIR Group’s positive growth trend is one that management has consistently pursued, as shown in the Compound Annual Growth Rate (CAGR) from 2021 to 2023, when sales increased by 103 percent and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was up 76 percent.
Michael Budi, CEO of WIR Group, stated during the AGMS session that the Company has successfully maintained high revenue growth momentum throughout 2023, supported by a surge in EBITDA and net profit. “The revenue segment from digital platform solutions is the main contributor to revenue.
Digital platform solutions is an internal business unit that owns and develops AR, VR and AI-based digital platforms with high scalability and vast potential applications for various industries. We are committed to developing and offering superior solutions to our clients. With its achievements and multiple ongoing efforts, WIR Group is optimistic about long-term growth and significant addition of value for stakeholders,” he stated.
Fiscal year 2023 also marked the Company’s expansion onto an international stage. WIR Group met with President Ferdinand Marcos Jr. of the Philippines and his cabinet to explore the Company’s technology ecosystem. AR&Co, a subsidiary of WIR Group, had the opportunity to present interactive and immersive technologies at the Allianz Asia Pacific Summit in Bangkok, as well as livening up SPORTEC 2023 in Japan, alongside Endline. Domestically, WIR has innovated various solutions for the adaptation of increasingly inclusive technology. For example, Nusameta Creator Tools allow content creators to create immersive experiences and interactions within the Nusameta virtual ecosystem. Mindstores, another subsidiary, improves the shopping experience by providing Application Programming Interfaces (APIs) to quickly integrate retail networks with third-party applications.
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WIR’s achievements have garnered recognition from various institutions, including the PR Indonesia Awards (PRIA) 2023 held in March 2023, where it secured 3 awards: Digital Channel category, Best Annual Report, and Most Popular in Mass Media. WIR Group was also honored with the Best Transformation and Digital Innovation and the Best Chief Innovation Officer awards at the Digital Technology and Innovation (Digitech) Awards 2023. Lastly, WIR Group received the Best Corporate Secretary Award in the Software Category at the Indonesia Best Corporate Secretary Awards 2023.
The AGMS and PUBEX of WIR Group also announced plans to continue the planned leadership. As a company aiming to become a global player, WIR Group has made management changes for fresh perspectives and a strategic vision for the Company’s future. The position of Chief Executive Officer is now held by Stephen Budiman Ng, replacing Michael Budi, who has transitioned to the role of Company Commissioner. Additionally, there has been a revision of duties for Jimmy Halim, previously a Director, to become a Commissioner, and there have also been changes in the composition of the Company’s Commissioners. The new management is expected to provide adaptable new ideas, innovative approaches, and improved operational efficiency and market responsiveness. (des)