Webuy Announces Filing of 2023 Annual Report with the SEC, Launches Travel Business in Indonesia, and Expands into Insurance Referral Program

Singapore, April 19, 2024 (GLOBE NEWSWIRE) -- Webuy Global Ltd (NASDAQ: WBUY) ("Webuy" or the "Company"), a Southeast Asian community e-commerce retailer, today announces that on April 15, 2024, the Company filed its 2023 annual report (20-F) with the SEC. Notable recent events include the Company’s launch of a travel business line in Indonesia and expansion into an insurance referral program. Key highlights of the Company’s 2023 financial achievements follow:

2023 Financial Highlights

• Total revenues increased by 38.4% to US$61.7 million from US$44.6 million in the full year of 2022. The increase was mainly driven by sales of groceries in the Indonesian market and demand for the Company’s tour packages in Singapore.
• Gross profit increased by 38.4% to US$5.1 million from US$3.8 million in the full year of 2022. Gross margin was approximately 8.3%, relatively flat compared to 8.4% in the full year of 2022, mainly attributable to the Company’s ongoing efficiency optimization initiatives.

Recent Developments

In early 2024, the Company launched its travel business in Indonesia and expanded its presence in the growing Southeast Asian tourism market.

In April 2024, the Company launched an insurance referral program to deliver insurance solutions to markets across Asia.

Vincent Xue Bin, Chief Executive Officer and Co-Founder of Webuy, commented, "2023 was an important year in which we refined our strategic approach and delivered solid results. Sales of groceries on our platform in Indonesia grew strongly, as demand in the region escalated and our distribution strategies have proven effective. By expanding our footprint, further establishing our presence, and catering to the needs of the market, we grew our total revenues by 38.4%, with sales of groceries in Indonesia increasing by a substantial 83.6%. In addition to grocery sales, we introduced new packaged tour travel services in Singapore, which immediately proved popular with consumers. Revenue generated from tour packages offered in Singapore more than doubled from that of 2022, representing an important diversification of our product offerings. Building on this momentum, we leveraged our robust supply chain network to successfully extend our tour packages into Indonesia, further expanding our presence in the vibrant Southeast Asian tourism market. Additionally, our strategic entry into an insurance referral program during April represents a promising opportunity for higher-margin growth, aligning with our consistent approach to innovation and expansion."