AnyMind posts strong profit bump in Q2, beats projections

Photo credit: AnyMind

Singapore-born AnyMind Group generated a significant increase in operating profit for the second quarter of its 2023 financial year, raking in 169 million yen (US$1.2 million) compared to just above US$4,000 in the same year-ago quarter.

The ecommerce enabler attributed the growth to improvements in gross profits and expenses. The result also surpassed its projections, the firm said in a statement.

Both AnyMind’s revenue and cost of sales figures increased year on year, resulting in the company pulling in US$20.6 million in gross profits for the quarter. Meanwhile, it logged US$19.4 million in selling, general, and administrative expenses.

“While the current forecast remains unchanged, there’s a strong possibility of surpassing the projection throughout the full year,” the company wrote. AnyMind also expects its numbers to increase further along the year, notably in Q4, citing “seasonality in our performance.”

Meanwhile, the firm posted US$3 million in adjusted EBITDA, doubling its Q2 2022 figure.

Since its establishment in 2016, AnyMind has expanded to 13 markets, including Indonesia, Vietnam, Hong Kong, China, India, and Japan. The company said that as of June this year, 48% of its total revenue comes from Japan, where its head office is located.

AnyMind also looks to expand its footprint in the Middle East by establishing a local subsidiary in Saudi Arabia in the fourth quarter of this year.

In March, the firm listed its shares on the Tokyo Stock Exchange. Before this, it raised US$91.7 million in total funding from investors like Line and Mitsubishi UFJ Capital.

AnyMind also recently announced plans to acquire ecommerce enabler Digital Distribusi Indonesia in a deal marking its first acquisition in the archipelago.

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