- Winking Studios (SGX:WKS)'s revenue grew by 7.1% y-o-y in 1H24, reaching US$15.23mil. The increase was primarily driven by growth in the Art Outsourcing Segment by 6.6%, US$0.79mil to US$12.63mil and Game Development Segment by 8.1%, US$0.19mil to US$2.49mil.
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- Overall, Profit before tax decreased by 23.7% to US$1.007mil, with the aforementioned acquisitions, increased marketing & promotional expenses, and ongoing listing expenses, contributing to this decline.
Inorganic growth strategy.
- Winking Studios' inorganic growth strategy focuses on strategic acquisitions to expand its market reach and service offerings. The company has successfully acquired two art outsourcing studios in Taiwan and Malaysia, demonstrating its commitment to growth through mergers and acquisitions. These acquisitions align with Winking Studios' broader strategy of strengthening its position as a leading player in the art outsourcing market.
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Completed acquisitions:
- Taipei, Taiwan - On 1 April 2024, Winking Studios acquired 100% of the issued share capital in On Point Creative Co., Ltd., a company mainly engaged in the provision of art outsourcing services, for cash consideration of NTD 59,900,000 (approximately USS1,873,925).
- Kuala Lumpur, Malaysia - On 28 June 2024, the Company acquired the business of Pixelline Production Sdn. Bhd., for an aggregate purchase consideration of up to US$1,000,000.
Winking Studios is well-positioned to capitalize on this growth.
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