Kogan.com Ltd (ASX:KGN) Annual General Meeting Highlights
Financial Performance Overview
Kogan.com Ltd (ASX:KGN) announced a significant recovery in its financial performance during the Annual General Meeting. The company reported a robust $40 million in Adjusted EBITDA for FY24, a substantial increase from $6.8 million in FY23. This growth reflects improved operational management and inventory efficiency, with average inventory held reduced by 40%.
Revenue Growth and Strategic Improvements
The company achieved Gross Sales of $258.9 million, marking a year-on-year increase of 0.4%. Revenue also rose by 7.8% to $152.1 million. Kogan.com’s Verticals contributed a record $20 million in revenue, bolstered by an increase of over 25% in Kogan FIRST subscriber numbers. The transition of the Mighty Ape website, which occurred in October, is expected to enhance customer engagement and service delivery.
Dividends and Future Outlook
In line with its financial performance, the Board has declared a fully franked dividend of 15 cents per share and announced a share buy-back program. CEO Ruslan Kogan highlighted the focus on delivering high-quality earnings and the importance of efficient inventory management as core strategies moving forward.
Executive Comments
CEO Ruslan Kogan stated, “Our strong profitability and effective capital management have enabled us to return value to our shareholders while continuing to build a loyal community of shoppers. We are confident in our growth trajectory and in the operational strategies we have implemented.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Kogan.com. The Motley Fool Australia has recommended Kogan.com. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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